PACCAR (PCAR) 10-Q 1 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 28, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	PACCAR Inc
Entity Central Index Key	0000075362
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		347,177,323
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-14817
Entity Tax Identification Number	91-0351110
Entity Address, Address Line One	777 - 106th Ave. N.E.
Entity Address, City or Town	Bellevue
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98004
City Area Code	425
Local Phone Number	468-7400
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Title of Each Class	Common stock, $1 par value
Trading Symbol	PCAR
Name of Each Exchange on Which Registered	NASDAQ

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues	$ 5,146.8	$ 4,936	$ 16,836.2	$ 13,159.9
Provision for losses on receivables			3.2	27.6
Investment income	1.6	6.4	11.5	30.2
Income before income taxes	483.3	489.9	1,727.6	1,136.1
Income taxes	105.6	104.4	386.9	243.5
Net Income	$ 377.7	$ 385.5	$ 1,340.7	$ 892.6
Net Income Per Share
Basic	$ 1.09	$ 1.11	$ 3.86	$ 2.57
Diluted	$ 1.08	$ 1.11	$ 3.85	$ 2.57
Weighted Average Number of Common Shares Outstanding
Basic	347.8	346.8	347.7	346.7
Diluted	348.3	347.6	348.4	347.3
Comprehensive Income	$ 262.1	$ 486.4	$ 1,245.8	$ 803.7
Truck, Parts and Other
Net sales and revenues	4,737.7	4,538.4	15,538.8	12,018.3
Cost of sales and revenues	4,180.1	3,958.3	13,533.5	10,589.4
Research and development	72.5	64.7	237	202.2
Selling, general and administrative	134.7	100.4	396.8	325.7
Interest and other (income), net	(11.2)	(13)	(41.6)	(45.6)
Costs and Expenses, Total	4,376.1	4,110.4	14,125.7	11,071.7
Income before income taxes	361.6	428	1,413.1	946.6
Financial Services
Interest and fees	131.5	127.7	393.8	396
Operating lease, rental and other revenues	277.6	269.9	903.6	745.6
Revenues	409.1	397.6	1,297.4	1,141.6
Interest and other borrowing expenses	35.3	45.2	114.9	148.5
Depreciation and other expenses	219.8	262.5	779	716
Selling, general and administrative	33.9	31.3	97.3	90.2
Provision for losses on receivables	0	3.1	3.2	27.6
Costs and Expenses, Total	289	342.1	994.4	982.3
Income before income taxes	$ 120.1	$ 55.5	$ 303	$ 159.3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions		Sep. 30, 2021	Dec. 31, 2020
ASSETS
Total Assets		$ 27,909.9	$ 28,260	[1]
STOCKHOLDERS' EQUITY:
Preferred stock, no par value - authorized 1.0 million shares, none issued				[1]
Common stock, $1 par value - authorized 1.2 billion shares, issued 347.2 and 346.6 million shares		347.2	346.6	[1]
Additional paid-in capital		131.8	88.5	[1]
Treasury stock, at cost - .02 million and nil shares		(1.5)
Retained earnings		11,998.1	11,005.2	[1]
Accumulated other comprehensive loss		(1,145.2)	(1,050.3)	[1]
Total Stockholders' Equity		11,330.4	10,390	[1]
Liabilities and Equity, Total		27,909.9	28,260	[1]
Truck, Parts and Other
ASSETS
Cash and cash equivalents		2,098.4	3,405	[1]
Trade and other receivables, net (allowance for losses: 2021 - $.6, 2020 - $.6)		1,475.8	1,197.5	[1]
Marketable securities		1,549.4	1,429	[1]
Inventories, net		2,516.7	1,221.9	[1]
Other current assets		667.9	515.6	[1]
Total Truck, Parts and Other Current Assets		8,308.2	7,769	[1]
Equipment on operating leases, net		321.8	421.9	[1]
Property, plant and equipment, net		3,336.7	3,270.4	[1]
Other noncurrent assets, net		1,005.5	998.9	[1]
Total Assets		12,972.2	12,460.2	[1]
Liabilities
Accounts payable, accrued expenses and other		3,836.7	3,413.9	[1]
Dividend payable	[1]		242.6
Total Truck, Parts and Other Current Liabilities		3,836.7	3,656.5	[1]
Residual value guarantees and deferred revenues		348.4	457.4	[1]
Other liabilities		1,398.6	1,487.2	[1]
Total Liabilities		5,583.7	5,601.1	[1]
Financial Services
ASSETS
Cash and cash equivalents		129.4	134.6	[1]
Finance and other receivables, net (allowance for losses: 2021 - $999.9, 2020 - $127.0)		11,402.4	11,820.7	[1]
Equipment on operating leases, net		2,932.6	3,162.8	[1]
Other assets		473.3	681.7	[1]
Total Assets		14,937.7	15,799.8	[1]
Liabilities
Accounts payable, accrued expenses and other		591.2	561	[1]
Commercial paper and bank loans		3,005.6	3,344.4	[1]
Term notes		6,849.5	7,508.9	[1]
Deferred taxes and other liabilities		549.5	854.6	[1]
Total Liabilities		$ 10,995.8	$ 12,268.9	[1]
[1]	The December 31, 2020 consolidated balance sheet has been derived from audited financial statements.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	[1]
Preferred stock, no par value	$ 0	$ 0
Preferred stock, authorized	1,000,000	1,000,000
Preferred stock, issued	0	0
Common stock, par value	$ 1	$ 1
Common stock, authorized	1,200,000,000	1,200,000,000
Common stock, issued	347,200,000	346,600,000
Treasury stock, shares	20,000
Truck, Parts and Other
Allowance for losses	$ 6	$ 0.6
Financial Services
Allowance for credit losses	$ 121.7	$ 127
[1]	The December 31, 2020 consolidated balance sheet has been derived from audited financial statements.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES:
Net Income	$ 1,340.7	$ 892.6
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization, Property, plant and equipment	197.5	186
Depreciation and amortization, Equipment on operating leases and other	494.8	593.5
Provision for losses on financial services receivables	3.2	27.6
Other, net	(239.9)	34.7
Pension contributions	(19.2)	(126.6)
Change in operating assets and liabilities:
Trade and other receivables	(309)	(67.2)
Wholesale receivables on new trucks	587.7	785.7
Inventories	(1,341)	11.9
Accounts payable and accrued expenses	506.8	143
Income taxes, warranty and other	(71.4)	(288.7)
Net Cash Provided by Operating Activities	1,150.2	2,192.5
INVESTING ACTIVITIES:
Originations of retail loans and finance leases	(3,379.3)	(2,611.4)
Collections on retail loans and finance leases	2,991	2,276.5
Net decrease in wholesale receivables on used equipment	12.5	22.4
Purchases of marketable debt securities	(693.8)	(499.6)
Proceeds from sales and maturities of marketable debt securities	542.7	474.1
Payments for property, plant and equipment	(381.3)	(426.2)
Acquisitions of equipment for operating leases	(790.5)	(706.7)
Proceeds from asset disposals	686.1	419.3
Other, net	(12.8)	17.3
Net Cash Used in Investing Activities	(1,025.4)	(1,034.3)
FINANCING ACTIVITIES:
Payments of cash dividends	(589.9)	(1,128.9)
Purchases of treasury stock	(1.5)	(41.6)
Proceeds from stock compensation transactions	30.1	41.3
Net decrease in commercial paper, short-term bank loans and other	(303.5)	(1,471)
Proceeds from term debt	1,802.1	2,031.3
Payments on term debt	(2,327.2)	(1,419.1)
Net Cash Used in Financing Activities	(1,389.9)	(1,988)
Effect of exchange rate changes on cash and cash equivalents	(46.7)	(1)
Net Decrease in Cash and Cash Equivalents	(1,311.8)	(830.8)
Cash and cash equivalents at beginning of period	3,539.6	4,175.1
Cash and cash equivalents at end of period	$ 2,227.8	$ 3,344.3

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total		COMMON STOCK, $1 PAR VALUE:	ADDITIONAL PAID-IN CAPITAL:	TREASURY STOCK, AT COST:	RETAINED EARNINGS:	RETAINED EARNINGS:AdjustmentCumulative Effect of Change in Accounting Principle	ACCUMULATED OTHER COMPREHENSIVE LOSS:
Beginning balance at Dec. 31, 2019			$ 346.3	$ 61.4		$ 10,398.5		$ (1,100.1)
Net income	$ 892.6					892.6
Purchases					$ (41.6)
Cash dividends declared on common stock						(332.9)
Stock compensation			0.7	53
Other comprehensive (loss) income	(88.9)							(88.9)
Ending balance at Sep. 30, 2020	10,184.4		347	114.4	(41.6)	10,953.6	$ (4.6)	(1,189)
Beginning balance at Jun. 30, 2020			346.5	82.7	(41.6)	10,679.1		(1,289.9)
Net income	385.5					385.5
Cash dividends declared on common stock						(111)
Stock compensation			0.5	31.7
Other comprehensive (loss) income	100.9							100.9
Ending balance at Sep. 30, 2020	10,184.4		347	114.4	(41.6)	10,953.6	$ (4.6)	(1,189)
Beginning balance at Dec. 31, 2020	10,390	[1]	346.6	88.5		11,005.2		(1,050.3)
Net income	1,340.7					1,340.7
Purchases					(1.5)
Cash dividends declared on common stock						(347.8)
Stock compensation			0.6	43.3
Other comprehensive (loss) income	(94.9)							(94.9)
Ending balance at Sep. 30, 2021	11,330.4		347.2	131.8	(1.5)	11,998.1		(1,145.2)
Beginning balance at Jun. 30, 2021			347.2	128.9	(1.4)	11,738.7		(1,029.6)
Net income	377.7					377.7
Purchases					(0.1)
Cash dividends declared on common stock						(118.3)
Stock compensation				2.9
Other comprehensive (loss) income	(115.6)							(115.6)
Ending balance at Sep. 30, 2021	$ 11,330.4		$ 347.2	$ 131.8	$ (1.5)	$ 11,998.1		$ (1,145.2)
[1]	The December 31, 2020 consolidated balance sheet has been derived from audited financial statements.

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
RETAINED EARNINGS:
Cash dividends declared on common stock, per share	$ 0.34	$ 0.32	$ 1	$ 0.96

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	NOTE A - Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10‑Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. For further information, refer to the consolidated financial statements and footnotes included in PACCAR Inc’s (PACCAR or the Company) Annual Report on Form 10‑K for the year ended December 31, 2020. Earnings per Share : Basic earnings per common share are computed by dividing earnings by the weighted average number of common shares outstanding, plus the effect of any participating securities. Diluted earnings per common share are computed assuming that all potentially dilutive securities are converted into common shares under the treasury stock method. The dilutive and antidilutive options are shown separately in the table below. Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 Additional shares 519,900 758,500 678,000 545,300 Antidilutive options 580,400 646,500 583,600 679,000 New Accounting Pronouncements: The Company adopted the following standard on January 1, 2021, which had no material impact on the Company’s consolidated financial statements. STANDARD DESCRIPTION 2018-14 Compensation – Retirement Benefits – Defined Benefit Plans – General (Topic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans The Financial Accounting Standards Board (FASB) also issued the following standard, which is not expected to have a material impact on the Company’s consolidated financial statements. STANDARD DESCRIPTION EFFECTIVE DATE 2021-05 Leases (Topic 842) – Lessors – Certain Leases with Variable Lease Payments January 1, 2022

Sales and Revenues

Sales and Revenues	9 Months Ended
	Sep. 30, 2021
Sales And Revenues [Abstract]
Sales and Revenues	NOTE B – Sales and Revenues Truck, Parts and Other The Company enters into sales contracts with customers associated with purchases of the Company’s products and services including trucks, parts, product support, and other related services. Generally, the Company recognizes revenue for the amount of consideration it will receive for delivering a product or service to a customer. Revenue is recognized when the customer obtains control of the product or receives benefits of the service. The Company excludes sales taxes, value added taxes and other related taxes assessed by government agencies from revenue. There are no significant financing components included in product or service revenue since generally customers pay shortly after the products or services are transferred. In the Truck and Parts segment, when the Company grants extended payment terms on selected receivables and charges interest, interest income is recognized when earned. The following table disaggregates Truck, Parts and Other revenues by major sources: Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 Truck Truck sales $ 3,258.3 $ 3,324.0 $ 11,253.7 $ 8,615.7 Revenues from extended warranties, operating leases and other 194.3 180.0 584.1 504.3 3,452.6 3,504.0 11,837.8 9,120.0 Parts Parts sales 1,226.1 987.2 3,528.1 2,756.6 Revenues from dealer services and other 34.1 29.0 104.1 81.9 1,260.2 1,016.2 3,632.2 2,838.5 Winch sales and other 24.9 18.2 68.8 59.8 Truck, Parts and Other sales and revenues $ 4,737.7 $ 4,538.4 $ 15,538.8 $ 12,018.3 The Company recognizes truck and parts sales as revenues when control of the products is transferred to customers which generally occurs upon shipment, except for certain truck sales which are subject to a residual value guarantee (RVG) by the Company. The standard payment term for trucks and aftermarket parts is typically within 30 days, but the Company may grant extended payment terms on selected receivables. The Company recognizes revenue for the invoice amount adjusted for estimated sales incentives and returns. Sales incentives and returns are estimated based on historical experience and are adjusted to current period revenues when the most likely amount of consideration the Company expects to receive changes or becomes fixed. Truck and parts sales include a standard product warranty which is included in cost of sales. The Company has elected to treat delivery services as a fulfillment activity with revenues recognized when the customer obtains control of the product. Delivery revenue is included in revenues and the related costs are included in cost of sales. As a practical expedient, the Company is not disclosing truck order backlog, as a significant majority of the backlog has a duration of less than one year. Truck sales with RVGs that allow customers the option to return their truck are accounted for as a sale when the customer does not have an economic incentive to return the truck to the Company, or as an operating lease when the customer does have an economic incentive to return the truck. The estimate of customers’ economic incentive to return the trucks is based on an analysis of historical guaranteed buyback value and estimated market value. When truck sales with RVGs are accounted for as a sale, revenue is recognized when the truck is transferred to the customer less an amount for expected returns. Expected return rates are estimated by using a historical weighted average return rate over a seven-year Revenues from extended warranties, operating leases and other include optional extended warranty and repair and maintenance (R&M) service contracts which can be purchased for periods generally ranging up to five years. The Company defers revenue based on stand-alone observable selling prices when it receives payments in advance and generally recognizes the revenue on a straight-line basis over the extended warranty or R&M contract periods. See Note F, Product Support Liabilities, in the Notes to the Consolidated Financial Statements for further information. Also included are truck sales with an RVG accounted for as an operating lease. A liability is created for the residual value obligation with the remainder of the proceeds recorded as deferred revenue. The deferred revenue is recognized on a straight-line basis over the guarantee period, which typically ranges from three to five years. Deferred revenue related to trucks sold with an RVG was $81.4 at September 30, 2021. The Company expects to recognize approximately $11.1 of the remaining deferred revenue in 2021, $30.9 in 2022, $17.8 in 2023, $12.9 in 2024 and $8.7 in 2025. For the three and nine months, ended September 30, 2021, total operating lease income from truck sales with RVGs was $24.9 and $75.2, respectively, compared to $26.3 and $76.6 for the three and nine month ended September 30, 2020, respectively. The Company’s total commitment to acquire trucks at a guaranteed value for contracts accounted for as a lease was $267.0 at September 30, 2021. Aftermarket parts sales allow for returns which are estimated at the time of sale based on historical data. At September 30, 2021, the estimated value of the returned goods asset and the related return liability were $74.2 and $173.8, respectively, compared to $62.2 and $142.0 at December 31, 2020, respectively. Parts dealer services and other revenues are recognized as services are performed. Revenue from winch sales and other is primarily derived from the industrial winch business. Winch sales are recognized when the product is transferred to a customer, which generally occurs upon shipment. Also within this category are other revenues not attributable to a reportable segment. Financial Services The Company’s Financial Services segment products include loans to customers collateralized by the vehicles being financed, finance leases for retail customers and dealers, dealer wholesale financing which includes floating-rate wholesale loans to PACCAR dealers for new and used trucks, and operating leases which include rentals on Company owned equipment. Interest income from finance and other receivables is recognized using the interest method. Certain loan origination costs are deferred and amortized to interest income over the expected life of the contracts using the straight-line method which approximates the interest method. Operating lease rental revenue is recognized on a straight-line basis over the term of the lease. Customer contracts may include additional services such as excess mileage, repair and maintenance and other services on which revenue is recognized when earned. The Company’s full-service lease arrangements bundle these additional services. Rents for full-service lease contracts are allocated between lease and non-lease components based on the relative stand-alone price of each component. Taxes, such as sales and use and value added, which are collected by the Company from a customer, are excluded from the measurement of lease income and expenses. Recognition of interest income and rental revenue is suspended (put on non-accrual status) when the receivable becomes more than 90 days past the contractual due date or earlier if some other event causes the Company to determine that collection is not probable. Accordingly, no finance receivables more than 90 days past due were accruing interest at September 30, 2021 or December 31, 2020. Recognition is resumed if the receivable becomes current by the payment of all amounts due under the terms of the existing contract and collection of remaining amounts is considered probable (if not contractually modified) or if the customer makes scheduled payments for three months and collection of remaining amounts is considered probable (if contractually modified). Payments received while the finance receivable is on non-accrual status are applied to interest and principal in accordance with the contractual terms. Finance leases are secured by the trucks and related equipment being leased and the lease terms generally range from three to five years depending on the type and use of the equipment. The lessee is required to either purchase the equipment or guarantee to the Company a stated residual value upon the disposition of the equipment at the end of the finance lease term. Operating lease terms generally range from three to five years. At the end of the operating lease term, the lessee has the option to return the equipment to the Company or purchase the equipment at its fair market value. The Company determines its estimate of the residual value of leased vehicles by considering the length of the lease term, the truck model, the expected usage of the truck and anticipated market demand. If the sales price of the truck at the end of the agreement differs from the Company’s estimated residual value, a gain or loss will result. Future market conditions, changes in government regulations and other factors outside the Company’s control could impact the ultimate sales price of trucks returned under these contracts. Residual values are reviewed regularly and adjusted if market conditions warrant. The following table summarizes Financial Services lease revenues by lease type: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 2021 2020 2021 2020 Finance lease revenues $ 46.7 $ 45.9 $ 142.8 $ 138.3 Operating lease revenues 206.4 198.8 627.9 593.3 Total lease revenues $ 253.1 $ 244.7 $ 770.7 $ 731.6

Investments in Marketable Secur

Investments in Marketable Securities	9 Months Ended
	Sep. 30, 2021
Investments Debt And Equity Securities [Abstract]
Investments in Marketable Securities	Marketable securities at September 30, 2021 and December 31, 2020 consisted of the following: UNREALIZED UNREALIZED FAIR At September 30, 2021 COST GAINS LOSSES VALUE Marketable debt securities U.S. tax-exempt securities $ 494.1 $ 2.4 $ .6 $ 495.9 U.S. corporate securities 208.5 1.3 .3 209.5 U.S. government and agency securities 85.6 1.1 86.7 Non-U.S. corporate securities 435.1 2.4 .8 436.7 Non-U.S. government securities 64.0 .1 .1 64.0 Other debt securities 251.8 1.9 .3 253.4 Marketable equity securities 5.4 2.2 3.2 Total marketable securities $ 1,544.5 $ 9.2 $ 4.3 $ 1,549.4 UNREALIZED UNREALIZED FAIR At December 31, 2020 COST GAINS LOSSES VALUE U.S. tax-exempt securities $ 388.1 $ 4.4 $ .1 $ 392.4 U.S. corporate securities 229.6 3.3 232.9 U.S. government and agency securities 92.1 2.3 94.4 Non-U.S. corporate securities 406.0 5.5 411.5 Non-U.S. government securities 77.0 .5 77.5 Other debt securities 216.9 3.4 220.3 Total marketable securities $ 1,409.7 $ 19.4 $ .1 $ 1,429.0 The cost of marketable debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Amortization, accretion, interest and dividend income and realized gains and losses are included in investment income. The cost of securities sold is based on the specific identification method. Gross realized gains were $1.6 and $1.9 and gross realized losses were $.1 and $.3 for the nine months periods ended September 30, 2021 and 2020, respectively. There were no realized gains (losses) on marketable equity securities for both the three and nine months periods ended September 30, 2021. Marketable debt securities with continuous unrealized losses and their related fair values were as follows: September 30, 2021 December 31, 2020 LESS THAN TWELVE MONTHS LESS THAN TWELVE MONTHS TWELVE MONTHS OR GREATER TWELVE MONTHS OR GREATER Fair value $ 591.6 $ 2.5 $ 81.1 $ 1.3 Unrealized losses 2.0 .1 .1 The unrealized losses on marketable debt securities above were due to higher yields on certain securities. The Company not identify any indicators of a credit loss in its assessments. Accordingly, no allowance for credit losses was recorded at September 30, 2021 and December 31, 2020. investment Contractual maturities of marketable debt securities at September 30, 2021 AMORTIZED FAIR COST VALUE Within one year $ 432.9 $ 434.7 One to five years 1,083.7 1,089.1 Six to ten years 10.8 10.8 More than ten years 11.7 11.6 $ 1,539.1 $ 1,546.2

Inventories

Inventories	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventories	NOTE D - Inventories Inventories are stated at the lower of cost or market. Cost of inventories in the U.S. is determined principally by the last‑in, first-out (LIFO) method. Cost of all other inventories is determined principally by the first-in, first-out (FIFO) method. Inventories include the following: September 30 December 31 2021 2020 Finished products $ 687.5 $ 610.0 Work in process and raw materials 2,027.4 801.9 2,714.9 1,411.9 Less LIFO reserve (198.2 ) (190.0 ) $ 2,516.7 $ 1,221.9 Under the LIFO method of accounting (used for approximately 47% of September 30, 2021 inventories), an actual valuation can be made only at the end of each year based on year-end inventory levels and costs. Accordingly, interim valuations are based on management’s estimates of those year-end amounts.

Finance and Other Receivables

Finance and Other Receivables	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Finance and Other Receivables	NOTE E - Finance and Other Receivables Finance and other receivables include the following: September 30 December 31 2021 2020 Loans $ 6,323.9 $ 5,839.1 Finance leases 3,675.6 3,944.7 Dealer wholesale financing 1,377.1 2,012.4 Operating lease receivables and other 147.5 151.5 11,524.1 11,947.7 Less allowance for losses: Loans and leases (115.9 ) (120.4 ) Dealer wholesale financing (2.4 ) (3.4 ) Operating lease receivables and other (3.4 ) (3.2 ) $ 11,402.4 $ 11,820.7 Included in Finance and other receivables, net on the Consolidated Balance Sheets is accrued interest receivable (net of allowance for credit losses) of $25.1 and $35.6 as of September 30, 2021 and December 31, 2020, respectively. The net activity of dealer direct loans and dealer wholesale financing on new trucks is shown in the operating section of the Consolidated Statements of Cash Flows since those receivables finance the sale of Company inventory. Allowance for Credit Losses The Company continuously monitors the payment performance of its finance receivables. For large retail finance customers and dealers with wholesale financing, the Company regularly reviews their financial statements and makes site visits and phone contact as appropriate. If the Company becomes aware of circumstances that could cause those customers or dealers to face financial difficulty, whether or not they are past due, the customers are placed on a watch list. The Company modifies loans and finance leases in the normal course of its Financial Services operations. The Company may modify loans and finance leases for commercial reasons or for credit reasons. Modifications for commercial reasons are changes to contract terms for customers that are not considered to be in financial difficulty. Insignificant delays are modifications extending terms up to three months for customers experiencing some short-term financial stress, but not considered to be in financial difficulty. Modifications for credit reasons are changes to contract terms for customers considered to be in financial difficulty. The Company’s modifications typically result in granting more time to pay the contractual amounts owed and charging a fee and interest for the term of the modification. When considering whether to modify customer accounts for credit reasons, the Company evaluates the creditworthiness of the customers and modifies those accounts that the Company considers likely to perform under the modified terms. When the Company modifies a loan or finance lease for credit reasons and grants a concession, the modification is classified as a troubled debt restructuring (TDR). The Company does not typically grant credit modifications for customers that do not meet minimum underwriting standards since the Company normally repossesses the financed equipment in these circumstances. When such modifications do occur, they are considered TDRs. In accordance with FASB statement, Prudential Regulator Guidance Concerning Troubled Debt Restructurings On average, modifications extended contractual terms by approximately four months in 2021 and three months in 2020, and did not have a significant effect on the weighted average term or interest rate of the total portfolio at September 30, 2021 and December 31, 2020. The Company has developed a systematic methodology for determining the allowance for credit losses for its two portfolio segments, retail and wholesale. The retail segment consists of retail loans and finance leases, net of unearned interest. The wholesale segment consists of truck inventory financing loans to dealers that are collateralized by trucks and other collateral. The wholesale segment generally has less risk than the retail segment. Wholesale receivables generally are shorter in duration than retail receivables, and the Company requires periodic reporting of the wholesale dealer’s financial condition, conducts periodic audits of the trucks being financed and in many cases, obtains guarantees or other security such as dealership assets. In determining the allowance for credit losses, retail loans and finance leases are evaluated together since they relate to a similar customer base, their contractual terms require regular payment of principal and interest, generally over 36 to 60 months, and they are secured by the same type of collateral. The allowance for credit losses consists of both specific and general reserves. The Company individually evaluates certain finance receivables for impairment. Finance receivables that are evaluated individually for impairment consist of all wholesale accounts and certain large retail accounts with past due balances or otherwise determined to be at a higher risk of loss. A finance receivable is impaired if it is considered probable the Company will be unable to collect all contractual interest and principal payments as scheduled. In addition, all retail loans and leases which have been classified as TDRs and all customer accounts over 90 days past due are considered impaired. Generally, impaired accounts are on non-accrual status. Impaired accounts classified as TDRs which have been performing for 90 consecutive days are placed on accrual status if it is deemed probable that the Company will collect all principal and interest payments. Impaired receivables are generally considered collateral dependent. Large balance retail and all wholesale impaired receivables are individually evaluated to determine the appropriate reserve for losses. The determination of reserves for large balance impaired receivables considers the fair value of the associated collateral. When the underlying collateral fair value exceeds the Company’s amortized cost basis, no reserve is recorded. Small balance impaired receivables with similar risk characteristics are evaluated as a separate pool to determine the appropriate reserve for losses using the historical loss information and economic forecasts discussed below. The Company evaluates finance receivables that are not individually impaired and share similar risk characteristics on a collective basis and determines the general allowance for credit losses for both retail and wholesale receivables based on historical loss information, using past due account data, current market conditions, and expected changes in future macroeconomic conditions that affect collectability. Historical credit loss information provides relevant information of expected credit losses. The historical information used includes assumptions regarding the likelihood of collecting current and past due accounts, repossession rates, and the recovery rate on the underlying collateral based on used truck values and other pledged collateral or recourse. The Company has developed a range of loss estimates for each of its country portfolios based on historical experience, taking into account loss frequency and severity in both strong and weak truck market conditions. A projection is made of the range of estimated credit losses inherent in the portfolio from which an amount is determined based on current market conditions and other factors impacting the creditworthiness of the Company’s borrowers and their ability to repay. Adjustments to historical loss information are made for changes in forecasted economic conditions that are specific to the industry and markets in which the Company conducts business. The Company utilizes economic forecasts from third party sources In determining the fair value of the collateral, the Company uses a pricing matrix and categorizes the fair value as Level 2 in the hierarchy of fair value measurement. The pricing matrix is reviewed quarterly and updated as appropriate. The pricing matrix considers the make, model and year of the equipment as well as recent sales prices of comparable equipment sold individually, which is the lowest unit of account, through wholesale channels to the Company’s dealers (principal market). The fair value of the collateral also considers the overall condition of the equipment. Accounts are charged off against the allowance for credit losses when, in the judgment of management, they are considered uncollectible, which generally occurs upon repossession of the collateral. Typically the timing between the repossession and charge-off is not significant. In cases where repossession is delayed (e.g., for legal proceedings), the Company records a partial charge-off. The charge-off is determined by comparing the fair value of the collateral, less costs to sell, to the amortized cost basis. For the following credit quality disclosures, finance receivables are classified into two portfolio segments, wholesale and retail. The retail portfolio is further segmented into dealer retail and customer retail. The dealer wholesale segment consists of truck inventory financing to PACCAR dealers. The dealer retail segment consists of loans and leases to participating dealers and franchises that use the proceeds to fund customers’ acquisition of commercial vehicles and related equipment. The customer retail segment consists of loans and leases directly to customers for the acquisition of commercial vehicles and related equipment. Customer retail receivables are further segregated between fleet and owner/operator classes. The fleet class consists of customer retail accounts operating more than five trucks. All other customer retail accounts are considered owner/operator. These two classes have similar measurement attributes, risk characteristics and common methods to monitor and assess credit risk. The allowance for credit losses is summarized as follows: 2021 DEALER CUSTOMER WHOLESALE RETAIL RETAIL OTHER* TOTAL Balance at January 1 $ 3.4 $ 8.4 $ 112.0 $ 3.2 $ 127.0 Provision for losses (1.0 ) (.7 ) 3.5 1.4 3.2 Charge-offs (9.7 ) (1.3 ) (11.0 ) Recoveries 4.1 .2 4.3 Currency translation and other (1.7 ) (.1 ) (1.8 ) Balance at September 30 $ 2.4 $ 7.7 $ 108.2 $ 3.4 $ 121.7 2020 DEALER CUSTOMER WHOLESALE RETAIL RETAIL OTHER* TOTAL** Balance at January 1 $ 4.3 $ 9.2 $ 101.4 $ 3.7 $ 118.6 Provision for losses (1.1 ) (.8 ) 28.5 1.0 27.6 Charge-offs (22.3 ) (1.2 ) (23.5 ) Recoveries 3.6 .4 4.0 Currency translation and other (1.8 ) (.2 ) (2.0 ) Balance at September 30 $ 3.2 $ 8.4 $ 109.4 $ 3.7 $ 124.7 * Operating leases and other trade receivables. ** The beginning balance has been adjusted for the adoption of ASU 2016-13. Information regarding finance receivables evaluated and determined individually and collectively is as follows: DEALER CUSTOMER At September 30, 2021 WHOLESALE RETAIL RETAIL TOTAL Amortized cost basis for impaired finance receivables evaluated individually $ 1.2 $ 66.7 $ 67.9 Allowance for impaired finance receivables determined individually 4.5 4.5 Amortized cost basis for finance receivables evaluated collectively $ 1,377.1 1,676.7 8,254.9 11,308.7 Allowance for finance receivables determined collectively 2.4 7.7 103.7 113.8 DEALER CUSTOMER At December 31, 2020 WHOLESALE RETAIL RETAIL TOTAL Amortized cost basis for impaired finance receivables evaluated individually $ 1.2 $ 86.7 $ 87.9 Allowance for impaired finance receivables determined individually 5.6 5.6 Amortized cost basis for finance receivables evaluated collectively $ 2,012.4 1,701.9 7,994.0 11,708.3 Allowance for finance receivables determined collectively 3.4 8.4 106.4 118.2 The amortized cost basis of finance receivables that are on non-accrual status is as follows: September 30 December 31 2021 2020 Dealer: Retail $ 1.2 $ 1.2 Customer retail: Fleet 49.1 78.6 Owner/operator 6.9 8.1 $ 57.2 $ 87.9 Impaired Loans Impaired loans are summarized below. The impaired loans with a specific reserve represent the unpaid principal balance. The amortized cost basis of impaired loans as of September 30, 2021 and December 31, 2020 was not significantly different than the unpaid principal balance. DEALER CUSTOMER RETAIL OWNER/ At September 30, 2021 WHOLESALE RETAIL FLEET OPERATOR TOTAL Impaired loans with a specific reserve $ 14.7 $ 1.5 $ 16.2 Associated allowance (.6 ) (.2 ) (.8 ) 14.1 1.3 15.4 Impaired loans with no specific reserve $ 1.2 6.0 .1 7.3 Net carrying amount of impaired loans $ 1.2 $ 20.1 $ 1.4 $ 22.7 Average amortized cost basis * $ 1.2 $ 23.7 $ 1.9 $ 26.8 * Represents the average during the 12 months ended September 30, 2021. DEALER CUSTOMER RETAIL OWNER/ At December 31, 2020 WHOLESALE RETAIL FLEET OPERATOR TOTAL Impaired loans with a specific reserve $ 22.6 $ 2.1 $ 24.7 Associated allowance (1.6 ) (.3 ) (1.9 ) 21.0 1.8 22.8 Impaired loans with no specific reserve $ 1.2 1.2 Net carrying amount of impaired loans $ 1.2 $ 21.0 $ 1.8 $ 24.0 Average amortized cost basis * $ 4.9 $ 1.9 $ 24.5 $ 3.0 $ 34.3 * Represents the average during the 12 months ended September 30, 2020. During the period the loans above were considered impaired, interest income recognized on a cash basis was as follows: Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 Dealer: Retail $ .1 Customer retail: Fleet $ .2 $ .4 $ .6 1.2 Owner/operator .1 .2 $ .2 $ .5 $ .6 $ 1.5 Credit Quality The Company's customers are principally concentrated in the transportation industry in North America, Europe, Australia and Brasil. The Company’s portfolio assets are diversified over a large number of customers and dealers with no single customer or dealer balances representing over 5% of the total portfolio assets. The Company retains as collateral a security interest in the related equipment. At the inception of each contract, the Company considers the credit risk based on a variety of credit quality factors including prior payment experience, customer financial information, credit-rating agency ratings, loan-to-value ratios and other internal metrics. On an ongoing basis, the Company monitors credit quality based on past due status and collection experience as there is a meaningful correlation between the past due status of customers and the risk of loss. The Company has three credit quality indicators: performing, watch and at-risk. Performing accounts pay in accordance with the contractual terms and are not considered high-risk. Watch accounts include accounts 31 to 90 days past due and large accounts that are performing but are considered to be high‑risk. Watch accounts are not impaired. At-risk accounts are accounts that are impaired, including TDRs, accounts over 90 days past due and other accounts on non-accrual status. The tables below summarize the amortized cost basis of the Company’s finance receivables within each credit quality indicator by year of origination and portfolio class. Revolving At September 30, 2021 Loans 2021 2020 2019 2018 2017 Prior Total Dealer: Wholesale: Performing $ 1,371.8 $ 1,371.8 Watch 5.3 5.3 $ 1,377.1 $ 1,377.1 Retail: Performing $ 16.1 $ 329.8 $ 372.1 $ 417.8 $ 226.5 $ 151.8 $ 137.5 $ 1,651.6 Watch 5.9 3.8 9.5 4.7 1.2 25.1 At-risk 1.2 1.2 $ 16.1 $ 335.7 $ 375.9 $ 427.3 $ 231.2 $ 153.0 $ 138.7 $ 1,677.9 Total dealer $ 1,393.2 $ 335.7 $ 375.9 $ 427.3 $ 231.2 $ 153.0 $ 138.7 $ 3,055.0 Customer retail: Fleet: Performing $ 2,164.2 $ 2,123.1 $ 1,411.1 $ 732.8 $ 286.5 $ 109.1 $ 6,826.8 Watch 1.4 5.0 4.6 7.1 .6 .2 18.9 At-risk 4.9 7.2 29.7 11.7 5.5 .8 59.8 $ 2,170.5 $ 2,135.3 $ 1,445.4 $ 751.6 $ 292.6 $ 110.1 $ 6,905.5 Owner/operator: Performing $ 512.9 $ 429.7 $ 262.3 $ 137.9 $ 49.7 $ 12.3 $ 1,404.8 Watch .6 .9 2.0 .8 .1 4.4 At-risk .3 1.4 1.9 2.5 .6 .2 6.9 $ 513.8 $ 432.0 $ 266.2 $ 141.2 $ 50.4 $ 12.5 $ 1,416.1 Total customer retail $ 2,684.3 $ 2,567.3 $ 1,711.6 $ 892.8 $ 343.0 $ 122.6 $ 8,321.6 Total $ 1,393.2 $ 3,020.0 $ 2,943.2 $ 2,138.9 $ 1,124.0 $ 496.0 $ 261.3 $ 11,376.6 Revolving At December 31, 2020 Loans 2020 2019 2018 2017 2016 Prior Total Dealer: Wholesale: Performing $ 2,004.5 $ 2,004.5 Watch 7.9 7.9 $ 2,012.4 $ 2,012.4 Retail: Performing $ 20.7 $ 504.2 $ 474.9 $ 268.0 $ 180.1 $ 100.4 $ 132.0 $ 1,680.3 Watch 5.2 10.5 4.5 1.4 21.6 At-risk 1.2 1.2 $ 20.7 $ 509.4 $ 485.4 $ 272.5 $ 181.5 $ 101.6 $ 132.0 $ 1,703.1 Total dealer $ 2,033.1 $ 509.4 $ 485.4 $ 272.5 $ 181.5 $ 101.6 $ 132.0 $ 3,715.5 Customer retail: Fleet: Performing $ 2,664.9 $ 1,921.6 $ 1,203.7 $ 533.7 $ 234.2 $ 65.2 $ 6,623.3 Watch 13.5 17.8 11.8 5.9 1.5 1.2 51.7 At-risk 8.0 37.0 18.2 12.2 2.4 .8 78.6 $ 2,686.4 $ 1,976.4 $ 1,233.7 $ 551.8 $ 238.1 $ 67.2 $ 6,753.6 Owner/operator: Performing $ 554.6 $ 376.4 $ 225.1 $ 105.2 $ 41.2 $ 9.1 $ 1,311.6 Watch 1.6 2.7 2.0 .7 .2 .2 7.4 At-risk .9 2.1 3.2 1.2 .4 .3 8.1 $ 557.1 $ 381.2 $ 230.3 $ 107.1 $ 41.8 $ 9.6 $ 1,327.1 Total customer retail $ 3,243.5 $ 2,357.6 $ 1,464.0 $ 658.9 $ 279.9 $ 76.8 $ 8,080.7 Total $ 2,033.1 $ 3,752.9 $ 2,843.0 $ 1,736.5 $ 840.4 $ 381.5 $ 208.8 $ 11,796.2 The tables below summarize the amortized cost basis of the Company’s finance receivables by aging category. In determining past due status, the Company considers the entire contractual account balance past due when any installment is over 30 days past due. Substantially all customer accounts that were greater than 30 days past due prior to credit modification became current upon modification for aging purposes. DEALER CUSTOMER RETAIL OWNER/ At September 30, 2021 WHOLESALE RETAIL FLEET OPERATOR TOTAL Current and up to 30 days past due $ 1,377.1 $ 1,677.9 $ 6,885.8 $ 1,407.0 $ 11,347.8 31 – 60 days past due 4.6 3.6 8.2 Greater than 60 days past due 15.1 5.5 20.6 $ 1,377.1 $ 1,677.9 $ 6,905.5 $ 1,416.1 $ 11,376.6 DEALER CUSTOMER RETAIL OWNER/ At December 31, 2020 WHOLESALE RETAIL FLEET OPERATOR TOTAL Current and up to 30 days past due $ 2,012.4 $ 1,703.1 $ 6,718.3 $ 1,314.7 $ 11,748.5 31 – 60 days past due 12.3 6.5 18.8 Greater than 60 days past due 23.0 5.9 28.9 $ 2,012.4 $ 1,703.1 $ 6,753.6 $ 1,327.1 $ 11,796.2 Troubled Debt Restructurings The balance of TDRs was $46.7 and $63.1 at September 30, 2021 and December 31, 2020, respectively. At modification date, the pre-modification and post-modification amortized cost basis balances for finance receivables modified during the period by portfolio class are as follows: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 AMORTIZED COST BASIS AMORTIZED COST BASIS PRE- MODIFICATION POST- MODIFICATION PRE- MODIFICATION POST- MODIFICATION Fleet $ 1.0 $ 1.0 $ 5.8 $ 5.7 Owner/operator 1.0 1.0 $ 1.0 $ 1.0 $ 6.8 $ 6.7 Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 AMORTIZED COST BASIS AMORTIZED COST BASIS PRE- MODIFICATION POST- MODIFICATION PRE- MODIFICATION POST- MODIFICATION Fleet $ 7.5 $ 7.5 $ 46.5 $ 46.5 Owner/operator 1.1 1.1 2.2 2.2 $ 8.6 $ 8.6 $ 48.7 $ 48.7 The effect on the allowance for credit losses from such modifications was not significant at September 30, 2021 and 2020. TDRs modified during the previous twelve months that subsequently defaulted (i.e., became more than 30 days past due) in the nine months ended September 30, 2021 and 2020 were nil There were nil and $2.0 of finance receivables modified as TDRs during the previous twelve months that subsequently defaulted and were charged off in the nine months ended September 30, 2021 and 2020, respectively. Repossessions When the Company determines a customer is not likely to meet its contractual commitments, the Company repossesses the vehicles which serve as collateral for the loans, finance leases and equipment under operating leases. The Company records the vehicles as used truck inventory included in Financial Services Other assets on the Consolidated Balance Sheets. The balance of repossessed inventory at September 30, 2021 and December 31, 2020 was $4.4 and $18.1, respectively. Proceeds from the sales of repossessed assets were $33.9 and $61.7 for the nine months ended September 30, 2021 and 2020, respectively. These amounts are included in Proceeds from asset disposals in the Condensed Consolidated Statements of Cash Flows. Write-downs of repossessed equipment on operating leases are recorded as impairments and included in Financial Services Depreciation and other expenses on the Consolidated Statements of Comprehensive Income.

Product Support Liabilities

Product Support Liabilities	9 Months Ended
	Sep. 30, 2021
Product Warranties Disclosures [Abstract]
Product Support Liabilities	NOTE F - Product Support Liabilities Product support liabilities include estimated future payments related to product warranties and deferred revenues on optional extended warranties and R&M. The Company generally offers one year warranties covering most of its vehicles and related aftermarket parts. For vehicles equipped with engines manufactured by PACCAR, the Company generally offers two year warranties on the engine. Specific terms and conditions vary depending on the product and the country of sale. Optional extended warranty and R&M contracts can be purchased for periods which generally range up to five years. Warranty expenses and reserves are estimated and recorded at the time products or contracts are sold based on historical data regarding the source, frequency and cost of claims, net of any recoveries. The Company periodically assesses the adequacy of its recorded liabilities and adjusts them as appropriate to reflect actual experience. Revenue from extended warranty and R&M contracts is deferred and recognized to income generally on a straight-line basis over the contract period. Warranty and R&M costs on these contracts are recognized as incurred. Changes in product support liabilities are summarized as follows: WARRANTY RESERVES 2021 2020 Balance at January 1 $ 389.7 $ 440.0 Cost accruals 218.9 217.8 Payments (309.7 ) (328.1 ) Change in estimates for pre-existing warranties 43.4 65.1 Currency translation and other (5.0 ) .1 Balance at September 30 $ 337.3 $ 394.9 DEFERRED REVENUES ON EXTENDED WARRANTIES AND R&M CONTRACTS 2021 2020 Balance at January 1 $ 795.8 $ 801.4 Deferred revenues 350.7 293.1 Revenues recognized (363.8 ) (322.1 ) Currency translation (15.5 ) 6.0 Balance at September 30 $ 767.2 $ 778.4 The Company expects to recognize approximately $68.5 of the remaining deferred revenue on extended warranties and R&M contracts in 2021, $265.4 in 2022, $224.6 in 2023, $125.2 in 2024, $54.1 in 2025 and $29.4 thereafter.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Stockholders' Equity	NOTE G - Stockholders’ Equity Comprehensive Income The components of comprehensive income are as follow: Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 Net income $ 377.7 $ 385.5 $ 1,340.7 $ 892.6 Other comprehensive income (loss) (OCI): Unrealized gains (losses) on derivative contracts 8.2 (17.9 ) 29.4 1.3 Tax effect (1.6 ) 3.4 (7.6 ) .6 6.6 (14.5 ) 21.8 1.9 Unrealized (losses) gains on marketable debt securities (3.4 ) (12.2 ) 12.4 Tax effect .7 2.9 (3.0 ) (2.7 ) (9.3 ) 9.4 Pension plans 22.7 3.4 49.0 45.7 Tax effect (5.4 ) (.6 ) (11.6 ) (10.8 ) 17.3 2.8 37.4 34.9 Foreign currency translation (losses) gains (136.8 ) 112.6 (144.8 ) (135.1 ) Net other comprehensive (loss) income (115.6 ) 100.9 (94.9 ) (88.9 ) Comprehensive income $ 262.1 $ 486.4 $ 1,245.8 $ 803.7 Accumulated Other Comprehensive Income (Loss) The components of AOCI and the changes in AOCI, net of tax, included in the Consolidated Balance Sheets and the Consolidated Statements of Stockholders’ Equity consisted of the following: Three Months Ended September 30, 2021 DERIVATIVE CONTRACTS MARKETABLE DEBT SECURITIES PENSION PLANS FOREIGN CURRENCY TRANSLATION TOTAL Balance at July 1, 2021 $ (14.0 ) $ 8.0 $ (558.0 ) $ (465.6 ) $ (1,029.6 ) Recorded into AOCI 35.3 (2.5 ) 6.1 (136.8 ) (97.9 ) Reclassified out of AOCI (28.7 ) (.2 ) 11.2 (17.7 ) Net other comprehensive income (loss) 6.6 (2.7 ) 17.3 (136.8 ) (115.6 ) Balance at September 30, 2021 $ (7.4 ) $ 5.3 $ (540.7 ) $ (602.4 ) $ (1,145.2 ) Three Months Ended September 30, 2020 DERIVATIVE CONTRACTS MARKETABLE DEBT SECURITIES PENSION PLANS FOREIGN CURRENCY TRANSLATION TOTAL Balance at July 1, 2020 $ 1.1 $ 15.5 $ (485.6 ) $ (820.9 ) $ (1,289.9 ) Recorded into AOCI (46.9 ) .4 (6.4 ) 112.6 59.7 Reclassified out of AOCI 32.4 (.4 ) 9.2 41.2 Net other comprehensive (loss) income (14.5 ) 2.8 112.6 100.9 Balance at September 30, 2020 $ (13.4 ) $ 15.5 $ (482.8 ) $ (708.3 ) $ (1,189.0 ) Nine Months Ended September 30, 2021 DERIVATIVE CONTRACTS MARKETABLE DEBT SECURITIES PENSION PLANS FOREIGN CURRENCY TRANSLATION TOTAL Balance at January 1, 2021 $ (29.2 ) $ 14.6 $ (578.1 ) $ (457.6 ) $ (1,050.3 ) Recorded into AOCI 42.8 (8.2 ) 3.3 (144.8 ) (106.9 ) Reclassified out of AOCI (21.0 ) (1.1 ) 34.1 12.0 Net other comprehensive income (loss) 21.8 (9.3 ) 37.4 (144.8 ) (94.9 ) Balance at September 30, 2021 $ (7.4 ) $ 5.3 $ (540.7 ) $ (602.4 ) $ (1,145.2 ) Nine Months Ended September 30, 2020 DERIVATIVE CONTRACTS MARKETABLE DEBT SECURITIES PENSION PLANS FOREIGN CURRENCY TRANSLATION TOTAL Balance at January 1, 2020 $ (15.3 ) $ 6.1 $ (517.7 ) $ (573.2 ) $ (1,100.1 ) Recorded into AOCI 14.5 10.6 2.4 (135.1 ) (107.6 ) Reclassified out of AOCI (12.6 ) (1.2 ) 32.5 18.7 Net other comprehensive income (loss) 1.9 9.4 34.9 (135.1 ) (88.9 ) Balance at September 30, 2020 $ (13.4 ) $ 15.5 $ (482.8 ) $ (708.3 ) $ (1,189.0 ) Reclassifications out of AOCI were as follows: Three Months Ended LINE ITEM IN THE CONSOLIDATED STATEMENTS September 30 AOCI COMPONENTS COMPREHENSIVE INCOME 2021 2020 Unrealized losses (gains) on derivative contracts: Truck, Parts and Other Foreign-exchange contracts Net sales and revenues $ 1.3 $ (10.6 ) Cost of sales and revenues (3.5 ) 2.5 Interest and other (income), net (.5 ) (.4 ) Financial Services Interest-rate contracts Interest and other borrowing expenses (35.4 ) 50.5 Pre-tax expense (reduction) increase (38.1 ) 42.0 Tax expense (benefit) 9.4 (9.6 ) After-tax expense (reduction) increase (28.7 ) 32.4 Unrealized gains on marketable debt securities: Marketable debt securities Investment income (.3 ) (.6 ) Tax expense .1 .2 After-tax income increase (.2 ) (.4 ) Pension plans: Truck, Parts and Other Actuarial loss Interest and other (income), net 14.7 11.1 Prior service costs Interest and other (income), net .2 .4 Settlement loss Interest and other (income), net .5 Pre-tax expense increase 14.9 12.0 Tax benefit (3.7 ) (2.8 ) After-tax expense increase 11.2 9.2 Total reclassifications out of AOCI $ (17.7 ) $ 41.2 Nine Months Ended LINE ITEM IN THE CONSOLIDATED STATEMENTS September 30 AOCI COMPONENTS COMPREHENSIVE INCOME 2021 2020 Unrealized losses (gains) on derivative contracts: Truck, Parts and Other Foreign-exchange contracts Net sales and revenues $ 14.9 $ (22.2 ) Cost of sales and revenues 2.5 .2 Interest and other (income), net (.2 ) (5.2 ) Financial Services Interest-rate contracts Interest and other borrowing expenses (45.9 ) 13.2 Pre-tax expense reduction (28.7 ) (14.0 ) Tax expense 7.7 1.4 After-tax expense reduction (21.0 ) (12.6 ) Unrealized gains on marketable debt securities: Marketable debt securities Investment income (1.5 ) (1.6 ) Tax expense .4 .4 After-tax income increase (1.1 ) (1.2 ) Pension plans: Truck, Parts and Other Actuarial loss Interest and other (income), net 44.2 33.1 Prior service costs Interest and other (income), net .6 1.1 Settlement loss Interest and other (income), net 8.5 Pre-tax expense increase 44.8 42.7 Tax benefit (10.7 ) (10.2 ) After-tax expense increase 34.1 32.5 Total reclassifications out of AOCI $ 12.0 $ 18.7 Stock Compensation Plans Stock-based compensation expense was $2.6 and $12.0 for the three and nine months ended September 30, 2021, respectively and $2.3 and $10.5 for the three and nine months ended September 30, 2020, respectively. During the nine months of 2021, the Company issued 628,779 common shares under deferred and stock compensation arrangements. Other Capital Stock Changes During the first nine months of 2021, the Company acquired no treasury shares under the Company’s common stock repurchase plans. The Company acquired 16,688 shares under the Company’s Long-Term Incentive Plan. Stock repurchases of $390.0 million remain authorized under the current $500.0 million program approved by the PACCAR Board of Directors on December 4, 2018.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE H - Income Taxes The effective tax rate for the third quarter of 2021 was 21.8% compared to 21.3% for the third quarter of 2020. The effective tax rate for the first nine months of 2021 was 22.4 % compared to 21.4% for the first nine months of 2020. The higher effective tax rate in the third quarter and first nine months of 2021 was primarily due to the change in mix of income generated in jurisdictions with higher tax rates in 2021 as compared to 2020.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Information	NOTE I - Segment Information PACCAR operates in three principal segments: Truck, Parts and Financial Services. The Company evaluates the performance of its Truck and Parts segments based on operating profits, which excludes investment income, other income and expense and income taxes. The Financial Services segment’s performance is evaluated based on income before income taxes. The accounting policies of the reportable segments are the same as those applied in the consolidated financial statements as described in Note A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Truck and Parts The Truck segment includes the design and manufacture of high-quality, light-, medium- and heavy-duty commercial trucks and the Parts segment includes the distribution of aftermarket parts for trucks and related commercial vehicles, both of which are sold through the same network of independent dealers. These segments derive a large proportion of their revenues and operating profits from operations in North America and Europe. The Truck segment incurs substantial costs to design, manufacture and sell trucks to its customers. The sale of new trucks provides the Parts segment with the basis for parts sales that may continue over the life of the truck, but are generally concentrated in the first five years after truck delivery. To reflect the benefit the Parts segment receives from costs incurred by the Truck segment, certain expenses are allocated from the Truck segment to the Parts segment. The expenses allocated are based on a percentage of the average annual expenses for factory overhead, engineering, research and development and SG&A expenses for the preceding five years. The allocation is based on the ratio of the average parts direct margin dollars (net sales less material and labor costs) to the total truck and parts direct margin dollars for the previous five years. The Company believes such expenses have been allocated on a reasonable basis. Truck segment assets related to the indirect expense allocation are not allocated to the Parts segment. Financial Services The Financial Services segment derives its earnings primarily from financing or leasing of PACCAR products and services provided to truck customers and dealers. Revenues are primarily generated from operations in North America and Europe. In Europe, the Financial Services and Truck segments centralized the marketing of used trucks, including those units sold by the Truck segment subject to an RVG. When a customer returns the truck at the end of the RVG contract, the Company’s Truck segment records a reduction in an RVG liability and the Company’s Financial Services segment records a used truck asset and revenue from the subsequent sale. Certain gains and losses from the sale of these used trucks are shared with the Truck segment. Other Included in Other is the Company’s industrial winch manufacturing business as well as sales, income and expenses not attributable to a reportable segment. Other also includes non-service cost components of pension expense and a portion of corporate expenses. Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 Net sales and revenues: Truck $ 3,555.1 $ 3,675.8 $ 12,249.5 $ 9,469.9 Less intersegment (102.5 ) (171.8 ) (411.7 ) (349.9 ) External customers 3,452.6 3,504.0 11,837.8 9,120.0 Parts 1,275.2 1,029.4 3,677.8 2,874.7 Less intersegment (15.0 ) (13.2 ) (45.6 ) (36.2 ) External customers 1,260.2 1,016.2 3,632.2 2,838.5 Other 24.9 18.2 68.8 59.8 4,737.7 4,538.4 15,538.8 12,018.3 Financial Services 409.1 397.6 1,297.4 1,141.6 $ 5,146.8 $ 4,936.0 $ 16,836.2 $ 13,159.9 Income before income taxes: Truck $ 78.5 $ 210.1 $ 603.0 $ 347.0 Parts 280.8 210.2 797.7 576.8 Other 2.3 7.7 12.4 22.8 361.6 428.0 1,413.1 946.6 Financial Services 120.1 55.5 303.0 159.3 Investment income 1.6 6.4 11.5 30.2 $ 483.3 $ 489.9 $ 1,727.6 $ 1,136.1 Depreciation and amortization: Truck $ 63.5 $ 73.3 $ 204.2 $ 218.8 Parts 2.8 3.0 8.6 8.0 Other 5.3 5.5 16.0 15.8 71.6 81.8 228.8 242.6 Financial Services 138.3 184.4 463.5 536.9 $ 209.9 $ 266.2 $ 692.3 $ 779.5

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	NOTE J - Derivative Financial Instruments As part of its risk management strategy, the Company enters into derivative contracts to hedge against the risks of interest rates, foreign currency rates and commodity prices. Certain derivative instruments designated as fair value hedges, cash flow hedges or net investment hedges are subject to hedge accounting. Derivative instruments that are not subject to hedge accounting are held as derivatives not designated as hedging instruments. The Company’s policies prohibit the use of derivatives for speculation or trading. At the inception of each hedge relationship, the Company documents its risk management objectives, procedures and accounting treatment. All of the Company’s interest-rate, commodity as well as certain foreign-exchange contracts are transacted under International Swaps and Derivatives Association (ISDA) master agreements. Each agreement permits the net settlement of amounts owed in the event of default and certain other termination events. For derivative financial instruments, the Company has elected not to offset derivative positions in the balance sheet with the same counterparty under the same agreements and is not required to post or receive collateral. Exposure limits and minimum credit ratings are used to minimize the risks of counterparty default. The Company’s maximum exposure to potential default of its derivative counterparties is limited to the asset position of its derivative portfolio. The asset position of the Company’s derivative portfolio was $43.7 at September 30, 2021. The Company assesses hedges at inception and on an ongoing basis to determine that the designated derivatives are highly effective in offsetting changes in fair values or cash flow of the hedged items. Hedge accounting is discontinued prospectively when the Company determines that a derivative financial instrument has ceased to be a highly effective hedge. Cash flows from derivative instruments are included in Operating activities in the Condensed Consolidated Statements of Cash Flows. Interest-Rate Contracts: The Company enters into various interest-rate contracts, including interest-rate swaps and cross currency interest-rate swaps. Interest-rate swaps involve the exchange of fixed for floating rate or floating for fixed rate interest payments based on the contractual notional amounts in a single currency. Cross currency interest-rate swaps involve the exchange of notional amounts and interest payments in different currencies. The Company is exposed to interest-rate and exchange-rate risk caused by market volatility as a result of its borrowing activities. The objective of these contracts is to mitigate the fluctuations on earnings, cash flows and fair value of borrowings. Net amounts paid or received are reflected as adjustments to interest expense. At September 30, 2021, the notional amount of the Company’s interest-rate contracts was $3,681.5. Notional maturities for all interest-rate contracts are $15.4 for the remainder of 2021, $932.9 for 2022, $740.9 for 2023, $718.0 for 2024, $628.7 for 2025, $264.5 for 2026 and $381.1 thereafter. Foreign-Exchange Contracts: The Company enters into foreign-exchange contracts to hedge certain anticipated transactions and assets and liabilities denominated in foreign currencies, particularly the Canadian dollar, the euro, the British pound, the Australian dollar, the Brazilian real and the Mexican peso. The objective is to reduce fluctuations in earnings and cash flows associated with changes in foreign currency exchange rates. The Company enters into foreign-exchange contracts as net investment hedges to reduce the foreign currency exposure from its investments in foreign subsidiaries. At September 30, 2021, the notional amount of the outstanding foreign-exchange contracts was $1,793.8. Foreign-exchange contracts mature within one year. Commodity Contracts: The Company enters into commodity forward contracts to hedge the prices of certain commodities used in the production of trucks. The objective is to reduce the fluctuation in earnings and cash flows associated with adverse movement in commodity prices. At September 30, 2021, the notional amount of the outstanding commodity contracts was $97.7. Commodity contracts mature within one year. The following table presents the balance sheet classification, fair value, gross and pro forma net amounts of derivative financial instruments: September 30, 2021 December 31, 2020 ASSETS LIABILITIES ASSETS LIABILITIES Derivatives designated under hedge accounting: Interest-rate contracts: Financial Services: Other assets $ 18.7 $ 16.4 Deferred taxes and other liabilities $ 54.3 $ 116.1 Foreign-exchange contracts: Truck, Parts and Other: Other current assets 22.9 2.7 Accounts payable, accrued expenses and other 5.7 35.9 Financial Services: Other current assets 1.7 Deferred taxes and other liabilities .5 1.2 Commodity contracts: Truck, Parts and Other: Other current assets 9.8 $ 43.3 $ 70.3 $ 19.1 $ 153.2 Derivatives not designated as hedging instruments: Foreign-exchange contracts: Truck, Parts and Other: Other current assets $ .2 $ 1.1 Accounts payable, accrued expenses and other $ 1.5 $ 3.3 Financial Services: Other assets .2 .3 Deferred taxes and other liabilities .1 3.4 $ .4 $ 1.6 $ 1.4 $ 6.7 Gross amounts recognized in Balance Sheets $ 43.7 $ 71.9 $ 20.5 $ 159.9 Less amounts not offset in financial instruments: Truck, Parts and Other: Foreign-exchange contracts $ (4.1 ) $ (4.1 ) $ (2.1 ) $ (2.1 ) Financial Services: Foreign-exchange contracts (.5 ) (.5 ) Interest-rate contracts (8.5 ) (8.5 ) (12.0 ) (12.0 ) Pro forma net amount $ 30.6 $ 58.8 $ 6.4 $ 145.8 The following table presents the amount of loss (gain) from derivative financial instruments recorded in the Consolidated Statements of Comprehensive Income: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE RATE EXCHANGE Truck, Parts and Other: Net sales and revenues Cash flow hedges $ 1.3 $ 14.9 Cost of sales and revenues Cash flow hedges (3.5 ) 2.5 Derivatives not designated as hedging instruments 17.8 8.8 Interest and other (income), net Cash flow hedges (.5 ) (.2 ) Net investment hedges (.7 ) (2.4 ) Derivatives not designated as hedging instruments (.6 ) 1.0 $ 13.8 $ 24.6 Financial Services: Interest and other borrowing expenses Cash flow hedges $ (35.4 ) $ (45.9 ) Fair value hedges .1 Derivatives not designated as hedging instruments $ (.3 ) $ (.7 ) $ (35.4 ) $ (.3 ) $ (45.8 ) $ (.7 ) Total $ (35.4 ) $ 13.5 $ (45.8 ) $ 23.9 Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE RATE EXCHANGE Truck, Parts and Other: Net sales and revenues Cash flow hedges $ (10.6 ) $ (22.2 ) Cost of sales and revenues Cash flow hedges 2.5 .2 Derivatives not designated as hedging instruments (.8 ) .4 Interest and other (income), net Cash flow hedges (.4 ) (5.2 ) Net investment hedges (1.0 ) (4.5 ) Derivatives not designated as hedging instruments (19.3 ) $ (10.3 ) $ (50.6 ) Financial Services: Interest and other borrowing expenses Cash flow hedges $ 50.5 $ 13.2 Fair value hedges .2 .7 Derivatives not designated as hedging instruments $ 6.9 $ (1.9 ) Selling, general and administrative .1 $ 50.7 $ 7.0 $ 13.9 $ (1.9 ) Total $ 50.7 $ (3.3 ) $ 13.9 $ (52.5 ) Fair Value Hedges Changes in the fair value of derivatives designated as fair value hedges are recorded in earnings together with the changes in fair value of the hedged item attributable to the risk being hedged. The following table presents the amounts recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges: September 30 December 31 2021 2020 Financial Services Term notes: Carrying amount of the hedged liabilities $ 561.0 $ 90.9 Cumulative 3.3 (.9 ) The above table excludes the cumulative basis adjustments on discontinued hedge relationships of $(.2) and $(.4) as of September 30, 2021 and December 31, 2020, respectively. Cash Flow Hedges Substantially all of the Company’s interest-rate contracts and some foreign-exchange contracts and all commodity contracts have been designated as cash flow hedges. Changes in the fair value of derivatives designated as cash flow hedges are recorded in AOCI. Amounts in AOCI are reclassified into net income in the same period in which the hedged transaction affects earnings. The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows is 6.8 years. The following tables presents the pre-tax effects of gain (loss) on cash flow hedges recognized in other comprehensive income (loss) (OCI): Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE COMMODITY RATE EXCHANGE COMMODITY Gain (loss) recognized in OCI: Truck, Parts and Other $ 2.3 $ (9.8 ) $ (6.7 ) $ (9.8 ) Financial Services $ 43.4 .6 $ 67.1 (2.3 ) $ 43.4 $ 2.9 $ (9.8 ) $ 67.1 $ (9.0 ) $ (9.8 ) Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE COMMODITY RATE EXCHANGE COMMODITY (Loss) gain recognized in OCI: Truck, Parts and Other $ (10.8 ) $ 42.6 Financial Services $ (49.1 ) $ (27.3 ) $ (49.1 ) $ (10.8 ) $ (27.3 ) $ 42.6 The amount of loss recorded in AOCI at September 30, 2021 that is estimated to be reclassified into earnings in the following 12 months if interest rates and exchange rates remain unchanged is approximately $15.7, net of taxes. The fixed interest earned on finance receivables will offset the amount recognized in interest expense, resulting in a stable interest margin consistent with the Company’s risk management strategy. The amount of gains reclassified out of AOCI into net income based on the probability that the original forecasted transactions would not occur was nil Net Investment Hedges Changes in the fair value of derivatives designated as net investment hedges are recorded in AOCI as an adjustment to the Cumulative Translation Adjustment (CTA). At September 30, 2021, the notional amount of the outstanding net investment hedges was $360.7. For the three and nine months ended September 30, 2021, the pre-tax gain recognized in OCI for the net investment hedges was $8.3 and $17.9, respectively. Derivatives Not Designated As Hedging Instruments For other risk management purposes, the Company enters into derivative instruments that do not qualify for hedge accounting. These derivative instruments are used to mitigate the risk of market volatility arising from borrowings and foreign currency denominated transactions. Changes in the fair value of derivatives not designated as hedging instruments are recorded in earnings in the period in which the change occurs.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE K - Fair Value Measurements Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the Level 1 – Valuations are based on quoted prices that the Company has the ability to obtain in actively traded markets for identical assets or liabilities. Since valuations are based on quoted prices that are readily and regularly available in an active market or exchange traded market, valuation of these instruments does not require a significant degree of judgment. Level 2 – Valuations are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 – Valuations are based on model-based techniques for which some or all of the assumptions are obtained from indirect market information that is significant to the overall fair value measurement and which require a significant degree of management judgment. The Company uses the following methods and assumptions to measure fair value for assets and liabilities subject to recurring fair value measurements. Marketable Debt Securities: The Company’s marketable debt securities consist of municipal bonds, government obligations, investment-grade corporate obligations, commercial paper, asset-backed securities and term deposits. The fair value of U.S. government obligations is determined using the market approach and is based on quoted prices in active markets and are categorized as Level 1. The fair value of U.S. government agency obligations, non-U.S. government bonds, municipal bonds, corporate bonds, asset-backed securities, commercial paper and term deposits is determined using the market approach and is primarily based on matrix pricing as a practical expedient which does not rely exclusively on quoted prices for a specific security. Significant inputs used to determine fair value include interest rates, yield curves, credit rating of the security and other observable market information and are categorized as Level 2. Marketable Equity Securities: Equity securities are traded on active exchanges and are classified as Level 1. Derivative Financial Instruments: The Company’s derivative contracts consist of interest-rate swaps, cross currency swaps, foreign currency exchange and commodity contracts. These derivative contracts are traded over the counter, and their fair value is determined using industry standard valuation models, which are based on the income approach (i.e., discounted cash flows). The significant observable inputs into the valuation models include interest rates, yield curves, currency exchange rates, credit default swap spreads, forward rates and commodity prices and are categorized as Level 2. Assets and Liabilities Subject to Recurring Fair Value Measurement The Company’s assets and liabilities subject to recurring fair value measurements are either Level 1 or Level 2 as follows: At September 30, 2021 LEVEL 1 LEVEL 2 TOTAL Assets: Marketable debt securities U.S. tax-exempt securities $ 495.9 $ 495.9 U.S. corporate securities 209.5 209.5 U.S. government and agency securities $ 86.7 86.7 Non-U.S. corporate securities 436.7 436.7 Non-U.S. government securities 64.0 64.0 Other debt securities 253.4 253.4 Total marketable debt securities $ 86.7 $ 1,459.5 $ 1,546.2 Marketable equity securities $ 3.2 $ 3.2 Total marketable securities $ 89.9 $ 1,459.5 $ 1,549.4 Derivatives Cross currency swaps $ 12.7 $ 12.7 Interest-rate swaps 6.0 6.0 Foreign-exchange contracts 25.0 25.0 Total derivative assets $ 43.7 $ 43.7 Liabilities: Derivatives Cross currency swaps $ 31.7 $ 31.7 Interest-rate swaps 22.6 22.6 Foreign-exchange contracts 7.8 7.8 Commodity contracts 9.8 9.8 Total derivative liabilities $ 71.9 $ 71.9 At December 31, 2020 LEVEL 1 LEVEL 2 TOTAL Assets: Marketable debt securities U.S. tax-exempt securities $ 392.4 $ 392.4 U.S. corporate securities 232.9 232.9 U.S. government and agency securities $ 86.5 7.9 94.4 Non-U.S. corporate securities 411.5 411.5 Non-U.S. government securities 77.5 77.5 Other debt securities 220.3 220.3 Total marketable debt securities $ 86.5 $ 1,342.5 $ 1,429.0 Derivatives Cross currency swaps $ 14.8 $ 14.8 Interest-rate swaps 1.6 1.6 Foreign-exchange contracts 4.1 4.1 Total derivative assets $ 20.5 $ 20.5 Liabilities: Derivatives Cross currency swaps $ 77.6 $ 77.6 Interest-rate swaps 38.5 38.5 Foreign-exchange contracts 43.8 43.8 Total derivative liabilities $ 159.9 $ 159.9 Fair Value Disclosure of Other Financial Instruments For financial instruments that are not recognized at fair value, the Company uses the following methods and assumptions to determine the fair value. These instruments are categorized as Level 2, except cash which is categorized as Level 1 and fixed rate loans which are categorized as Level 3. Cash and Cash Equivalents: Carrying amounts approximate fair value. Financial Services Net Receivables: For floating rate loans, wholesale financing and operating lease and other trade receivables, carrying values approximate fair values. For fixed rate loans, fair values are estimated using the income approach by discounting cash flows to their present value based on assumptions regarding the credit and market risks to approximate current rates for comparable loans. Finance lease receivables and related allowance for credit losses have been excluded from the accompanying table. Debt: The carrying amounts of Financial Services commercial paper, variable rate bank loans and variable rate term notes approximate fair value. For fixed rate debt, fair values are estimated using the income approach by discounting cash flows to their present value based on current rates for comparable debt. The Company’s estimate of fair value for fixed rate loans and debt that are not carried at fair value was as follows: September 30, 2021 December 31, 2020 CARRYING FAIR CARRYING FAIR AMOUNT VALUE AMOUNT VALUE Assets: Financial Services fixed rate loans $ 5,891.2 $ 5,984.7 $ 5,319.2 $ 5,429.5 Liabilities: Financial Services fixed rate debt 6,629.7 6,716.8 6,482.0 6,648.6

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2021
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	NOTE L - Employee Benefit Plans The Company has several defined benefit pension plans, which cover a majority of its employees. The following information details the components of net pension expense for the Company’s defined benefit plans: Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 Service cost $ 37.6 $ 32.8 $ 113.0 $ 98.0 Interest on projected benefit obligation 16.7 20.8 50.0 62.1 Expected return on assets (51.1 ) (47.6 ) (153.4 ) (142.3 ) Amortization of prior service costs .2 .4 .6 1.1 Recognized actuarial loss 14.7 11.1 44.2 33.1 Settlement loss .5 8.5 Net pension expense $ 18.1 $ 18.0 $ 54.4 $ 60.5 The components of net pension expense other than service cost are included in Interest and other (income), net on the Consolidated Statements of Comprehensive Income. During the three and nine months ended September 30, 2021, the Company contributed $6.3 and $19.2 to its pension plans, respectively, and $86.7 and $126.6 for the three and nine months ended September 30, 2020, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE M – Commitments and Contingencies On July 19, 2016, the European Commission (EC) concluded its investigation of all major European truck manufacturers and reached a settlement with DAF. Following the settlement, claims and lawsuits have been filed against the Company, DAF and certain DAF subsidiaries and other truck manufacturers in various European jurisdictions. These claims and lawsuits include a number of collective proceedings, including proposed class actions in the United Kingdom, alleging EC-related claims and seeking damages. Others may bring EC-related claims and lawsuits against the Company or its subsidiaries. While the Company believes it has meritorious defenses, such claims and lawsuits will likely take a significant period of time to resolve. The Company cannot reasonably estimate a range of loss, if any, that may result given the early stage of these claims and lawsuits. An adverse outcome of such proceedings could have a material impact on the Company’s results of operations. PACCAR is also a defendant in various other legal proceedings and, in addition, there are various other contingent liabilities arising in the normal course of business. After consultation with legal counsel, management does not anticipate that disposition of these various other proceedings and contingent liabilities will have a material effect on the consolidated financial statements.

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Sales and Revenues	Truck, Parts and Other The Company enters into sales contracts with customers associated with purchases of the Company’s products and services including trucks, parts, product support, and other related services. Generally, the Company recognizes revenue for the amount of consideration it will receive for delivering a product or service to a customer. Revenue is recognized when the customer obtains control of the product or receives benefits of the service. The Company excludes sales taxes, value added taxes and other related taxes assessed by government agencies from revenue. There are no significant financing components included in product or service revenue since generally customers pay shortly after the products or services are transferred. In the Truck and Parts segment, when the Company grants extended payment terms on selected receivables and charges interest, interest income is recognized when earned. The following table disaggregates Truck, Parts and Other revenues by major sources: Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 Truck Truck sales $ 3,258.3 $ 3,324.0 $ 11,253.7 $ 8,615.7 Revenues from extended warranties, operating leases and other 194.3 180.0 584.1 504.3 3,452.6 3,504.0 11,837.8 9,120.0 Parts Parts sales 1,226.1 987.2 3,528.1 2,756.6 Revenues from dealer services and other 34.1 29.0 104.1 81.9 1,260.2 1,016.2 3,632.2 2,838.5 Winch sales and other 24.9 18.2 68.8 59.8 Truck, Parts and Other sales and revenues $ 4,737.7 $ 4,538.4 $ 15,538.8 $ 12,018.3 The Company recognizes truck and parts sales as revenues when control of the products is transferred to customers which generally occurs upon shipment, except for certain truck sales which are subject to a residual value guarantee (RVG) by the Company. The standard payment term for trucks and aftermarket parts is typically within 30 days, but the Company may grant extended payment terms on selected receivables. The Company recognizes revenue for the invoice amount adjusted for estimated sales incentives and returns. Sales incentives and returns are estimated based on historical experience and are adjusted to current period revenues when the most likely amount of consideration the Company expects to receive changes or becomes fixed. Truck and parts sales include a standard product warranty which is included in cost of sales. The Company has elected to treat delivery services as a fulfillment activity with revenues recognized when the customer obtains control of the product. Delivery revenue is included in revenues and the related costs are included in cost of sales. As a practical expedient, the Company is not disclosing truck order backlog, as a significant majority of the backlog has a duration of less than one year. Truck sales with RVGs that allow customers the option to return their truck are accounted for as a sale when the customer does not have an economic incentive to return the truck to the Company, or as an operating lease when the customer does have an economic incentive to return the truck. The estimate of customers’ economic incentive to return the trucks is based on an analysis of historical guaranteed buyback value and estimated market value. When truck sales with RVGs are accounted for as a sale, revenue is recognized when the truck is transferred to the customer less an amount for expected returns. Expected return rates are estimated by using a historical weighted average return rate over a seven-year Revenues from extended warranties, operating leases and other include optional extended warranty and repair and maintenance (R&M) service contracts which can be purchased for periods generally ranging up to five years. The Company defers revenue based on stand-alone observable selling prices when it receives payments in advance and generally recognizes the revenue on a straight-line basis over the extended warranty or R&M contract periods. See Note F, Product Support Liabilities, in the Notes to the Consolidated Financial Statements for further information. Also included are truck sales with an RVG accounted for as an operating lease. A liability is created for the residual value obligation with the remainder of the proceeds recorded as deferred revenue. The deferred revenue is recognized on a straight-line basis over the guarantee period, which typically ranges from three to five years. Deferred revenue related to trucks sold with an RVG was $81.4 at September 30, 2021. The Company expects to recognize approximately $11.1 of the remaining deferred revenue in 2021, $30.9 in 2022, $17.8 in 2023, $12.9 in 2024 and $8.7 in 2025. For the three and nine months, ended September 30, 2021, total operating lease income from truck sales with RVGs was $24.9 and $75.2, respectively, compared to $26.3 and $76.6 for the three and nine month ended September 30, 2020, respectively. The Company’s total commitment to acquire trucks at a guaranteed value for contracts accounted for as a lease was $267.0 at September 30, 2021. Aftermarket parts sales allow for returns which are estimated at the time of sale based on historical data. At September 30, 2021, the estimated value of the returned goods asset and the related return liability were $74.2 and $173.8, respectively, compared to $62.2 and $142.0 at December 31, 2020, respectively. Parts dealer services and other revenues are recognized as services are performed. Revenue from winch sales and other is primarily derived from the industrial winch business. Winch sales are recognized when the product is transferred to a customer, which generally occurs upon shipment. Also within this category are other revenues not attributable to a reportable segment.
Allowance for Credit Losses	Allowance for Credit Losses The Company continuously monitors the payment performance of its finance receivables. For large retail finance customers and dealers with wholesale financing, the Company regularly reviews their financial statements and makes site visits and phone contact as appropriate. If the Company becomes aware of circumstances that could cause those customers or dealers to face financial difficulty, whether or not they are past due, the customers are placed on a watch list. The Company modifies loans and finance leases in the normal course of its Financial Services operations. The Company may modify loans and finance leases for commercial reasons or for credit reasons. Modifications for commercial reasons are changes to contract terms for customers that are not considered to be in financial difficulty. Insignificant delays are modifications extending terms up to three months for customers experiencing some short-term financial stress, but not considered to be in financial difficulty. Modifications for credit reasons are changes to contract terms for customers considered to be in financial difficulty. The Company’s modifications typically result in granting more time to pay the contractual amounts owed and charging a fee and interest for the term of the modification. When considering whether to modify customer accounts for credit reasons, the Company evaluates the creditworthiness of the customers and modifies those accounts that the Company considers likely to perform under the modified terms. When the Company modifies a loan or finance lease for credit reasons and grants a concession, the modification is classified as a troubled debt restructuring (TDR). The Company does not typically grant credit modifications for customers that do not meet minimum underwriting standards since the Company normally repossesses the financed equipment in these circumstances. When such modifications do occur, they are considered TDRs. In accordance with FASB statement, Prudential Regulator Guidance Concerning Troubled Debt Restructurings On average, modifications extended contractual terms by approximately four months in 2021 and three months in 2020, and did not have a significant effect on the weighted average term or interest rate of the total portfolio at September 30, 2021 and December 31, 2020. The Company has developed a systematic methodology for determining the allowance for credit losses for its two portfolio segments, retail and wholesale. The retail segment consists of retail loans and finance leases, net of unearned interest. The wholesale segment consists of truck inventory financing loans to dealers that are collateralized by trucks and other collateral. The wholesale segment generally has less risk than the retail segment. Wholesale receivables generally are shorter in duration than retail receivables, and the Company requires periodic reporting of the wholesale dealer’s financial condition, conducts periodic audits of the trucks being financed and in many cases, obtains guarantees or other security such as dealership assets. In determining the allowance for credit losses, retail loans and finance leases are evaluated together since they relate to a similar customer base, their contractual terms require regular payment of principal and interest, generally over 36 to 60 months, and they are secured by the same type of collateral. The allowance for credit losses consists of both specific and general reserves. The Company individually evaluates certain finance receivables for impairment. Finance receivables that are evaluated individually for impairment consist of all wholesale accounts and certain large retail accounts with past due balances or otherwise determined to be at a higher risk of loss. A finance receivable is impaired if it is considered probable the Company will be unable to collect all contractual interest and principal payments as scheduled. In addition, all retail loans and leases which have been classified as TDRs and all customer accounts over 90 days past due are considered impaired. Generally, impaired accounts are on non-accrual status. Impaired accounts classified as TDRs which have been performing for 90 consecutive days are placed on accrual status if it is deemed probable that the Company will collect all principal and interest payments. Impaired receivables are generally considered collateral dependent. Large balance retail and all wholesale impaired receivables are individually evaluated to determine the appropriate reserve for losses. The determination of reserves for large balance impaired receivables considers the fair value of the associated collateral. When the underlying collateral fair value exceeds the Company’s amortized cost basis, no reserve is recorded. Small balance impaired receivables with similar risk characteristics are evaluated as a separate pool to determine the appropriate reserve for losses using the historical loss information and economic forecasts discussed below. The Company evaluates finance receivables that are not individually impaired and share similar risk characteristics on a collective basis and determines the general allowance for credit losses for both retail and wholesale receivables based on historical loss information, using past due account data, current market conditions, and expected changes in future macroeconomic conditions that affect collectability. Historical credit loss information provides relevant information of expected credit losses. The historical information used includes assumptions regarding the likelihood of collecting current and past due accounts, repossession rates, and the recovery rate on the underlying collateral based on used truck values and other pledged collateral or recourse. The Company has developed a range of loss estimates for each of its country portfolios based on historical experience, taking into account loss frequency and severity in both strong and weak truck market conditions. A projection is made of the range of estimated credit losses inherent in the portfolio from which an amount is determined based on current market conditions and other factors impacting the creditworthiness of the Company’s borrowers and their ability to repay. Adjustments to historical loss information are made for changes in forecasted economic conditions that are specific to the industry and markets in which the Company conducts business. The Company utilizes economic forecasts from third party sources In determining the fair value of the collateral, the Company uses a pricing matrix and categorizes the fair value as Level 2 in the hierarchy of fair value measurement. The pricing matrix is reviewed quarterly and updated as appropriate. The pricing matrix considers the make, model and year of the equipment as well as recent sales prices of comparable equipment sold individually, which is the lowest unit of account, through wholesale channels to the Company’s dealers (principal market). The fair value of the collateral also considers the overall condition of the equipment. Accounts are charged off against the allowance for credit losses when, in the judgment of management, they are considered uncollectible, which generally occurs upon repossession of the collateral. Typically the timing between the repossession and charge-off is not significant. In cases where repossession is delayed (e.g., for legal proceedings), the Company records a partial charge-off. The charge-off is determined by comparing the fair value of the collateral, less costs to sell, to the amortized cost basis.
Product Support Liabilities	Product support liabilities include estimated future payments related to product warranties and deferred revenues on optional extended warranties and R&M. The Company generally offers one year warranties covering most of its vehicles and related aftermarket parts. For vehicles equipped with engines manufactured by PACCAR, the Company generally offers two year warranties on the engine. Specific terms and conditions vary depending on the product and the country of sale. Optional extended warranty and R&M contracts can be purchased for periods which generally range up to five years. Warranty expenses and reserves are estimated and recorded at the time products or contracts are sold based on historical data regarding the source, frequency and cost of claims, net of any recoveries. The Company periodically assesses the adequacy of its recorded liabilities and adjusts them as appropriate to reflect actual experience. Revenue from extended warranty and R&M contracts is deferred and recognized to income generally on a straight-line basis over the contract period. Warranty and R&M costs on these contracts are recognized as incurred.
Derivative Financial Instruments	As part of its risk management strategy, the Company enters into derivative contracts to hedge against the risks of interest rates, foreign currency rates and commodity prices. Certain derivative instruments designated as fair value hedges, cash flow hedges or net investment hedges are subject to hedge accounting. Derivative instruments that are not subject to hedge accounting are held as derivatives not designated as hedging instruments. The Company’s policies prohibit the use of derivatives for speculation or trading. At the inception of each hedge relationship, the Company documents its risk management objectives, procedures and accounting treatment. All of the Company’s interest-rate, commodity as well as certain foreign-exchange contracts are transacted under International Swaps and Derivatives Association (ISDA) master agreements. Each agreement permits the net settlement of amounts owed in the event of default and certain other termination events. For derivative financial instruments, the Company has elected not to offset derivative positions in the balance sheet with the same counterparty under the same agreements and is not required to post or receive collateral. Exposure limits and minimum credit ratings are used to minimize the risks of counterparty default. The Company’s maximum exposure to potential default of its derivative counterparties is limited to the asset position of its derivative portfolio. The asset position of the Company’s derivative portfolio was $43.7 at September 30, 2021. The Company assesses hedges at inception and on an ongoing basis to determine that the designated derivatives are highly effective in offsetting changes in fair values or cash flow of the hedged items. Hedge accounting is discontinued prospectively when the Company determines that a derivative financial instrument has ceased to be a highly effective hedge. Cash flows from derivative instruments are included in Operating activities in the Condensed Consolidated Statements of Cash Flows.
Fair Value Measurement Policy	Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the Level 1 – Valuations are based on quoted prices that the Company has the ability to obtain in actively traded markets for identical assets or liabilities. Since valuations are based on quoted prices that are readily and regularly available in an active market or exchange traded market, valuation of these instruments does not require a significant degree of judgment. Level 2 – Valuations are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 – Valuations are based on model-based techniques for which some or all of the assumptions are obtained from indirect market information that is significant to the overall fair value measurement and which require a significant degree of management judgment. The Company uses the following methods and assumptions to measure fair value for assets and liabilities subject to recurring fair value measurements. Marketable Debt Securities: The Company’s marketable debt securities consist of municipal bonds, government obligations, investment-grade corporate obligations, commercial paper, asset-backed securities and term deposits. The fair value of U.S. government obligations is determined using the market approach and is based on quoted prices in active markets and are categorized as Level 1. The fair value of U.S. government agency obligations, non-U.S. government bonds, municipal bonds, corporate bonds, asset-backed securities, commercial paper and term deposits is determined using the market approach and is primarily based on matrix pricing as a practical expedient which does not rely exclusively on quoted prices for a specific security. Significant inputs used to determine fair value include interest rates, yield curves, credit rating of the security and other observable market information and are categorized as Level 2. Marketable Equity Securities: Equity securities are traded on active exchanges and are classified as Level 1. Derivative Financial Instruments: The Company’s derivative contracts consist of interest-rate swaps, cross currency swaps, foreign currency exchange and commodity contracts. These derivative contracts are traded over the counter, and their fair value is determined using industry standard valuation models, which are based on the income approach (i.e., discounted cash flows). The significant observable inputs into the valuation models include interest rates, yield curves, currency exchange rates, credit default swap spreads, forward rates and commodity prices and are categorized as Level 2.
Inventories	Inventories are stated at the lower of cost or market. Cost of inventories in the U.S. is determined principally by the last‑in, first-out (LIFO) method. Cost of all other inventories is determined principally by the first-in, first-out (FIFO) method.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Dilutive and Antidilutive Options	The dilutive and antidilutive options are shown separately in the table below. Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 Additional shares 519,900 758,500 678,000 545,300 Antidilutive options 580,400 646,500 583,600 679,000

Sales and Revenues (Tables)

Sales and Revenues (Tables)	9 Months Ended
	Sep. 30, 2021
Schedule of Revenues by Major Sources	The following table disaggregates Truck, Parts and Other revenues by major sources: Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 Truck Truck sales $ 3,258.3 $ 3,324.0 $ 11,253.7 $ 8,615.7 Revenues from extended warranties, operating leases and other 194.3 180.0 584.1 504.3 3,452.6 3,504.0 11,837.8 9,120.0 Parts Parts sales 1,226.1 987.2 3,528.1 2,756.6 Revenues from dealer services and other 34.1 29.0 104.1 81.9 1,260.2 1,016.2 3,632.2 2,838.5 Winch sales and other 24.9 18.2 68.8 59.8 Truck, Parts and Other sales and revenues $ 4,737.7 $ 4,538.4 $ 15,538.8 $ 12,018.3
Financial Services
Summary of Financial Services Lease Revenues by Lease Type	The following table summarizes Financial Services lease revenues by lease type: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 2021 2020 2021 2020 Finance lease revenues $ 46.7 $ 45.9 $ 142.8 $ 138.3 Operating lease revenues 206.4 198.8 627.9 593.3 Total lease revenues $ 253.1 $ 244.7 $ 770.7 $ 731.6

Investments in Marketable Sec_2

Investments in Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2021
Investments Debt And Equity Securities [Abstract]
Marketable Securities	Marketable securities at September 30, 2021 and December 31, 2020 consisted of the following: UNREALIZED UNREALIZED FAIR At September 30, 2021 COST GAINS LOSSES VALUE Marketable debt securities U.S. tax-exempt securities $ 494.1 $ 2.4 $ .6 $ 495.9 U.S. corporate securities 208.5 1.3 .3 209.5 U.S. government and agency securities 85.6 1.1 86.7 Non-U.S. corporate securities 435.1 2.4 .8 436.7 Non-U.S. government securities 64.0 .1 .1 64.0 Other debt securities 251.8 1.9 .3 253.4 Marketable equity securities 5.4 2.2 3.2 Total marketable securities $ 1,544.5 $ 9.2 $ 4.3 $ 1,549.4 UNREALIZED UNREALIZED FAIR At December 31, 2020 COST GAINS LOSSES VALUE U.S. tax-exempt securities $ 388.1 $ 4.4 $ .1 $ 392.4 U.S. corporate securities 229.6 3.3 232.9 U.S. government and agency securities 92.1 2.3 94.4 Non-U.S. corporate securities 406.0 5.5 411.5 Non-U.S. government securities 77.0 .5 77.5 Other debt securities 216.9 3.4 220.3 Total marketable securities $ 1,409.7 $ 19.4 $ .1 $ 1,429.0
Marketable Debt Securities Continuous Unrealized Losses	Marketable debt securities with continuous unrealized losses and their related fair values were as follows: September 30, 2021 December 31, 2020 LESS THAN TWELVE MONTHS LESS THAN TWELVE MONTHS TWELVE MONTHS OR GREATER TWELVE MONTHS OR GREATER Fair value $ 591.6 $ 2.5 $ 81.1 $ 1.3 Unrealized losses 2.0 .1 .1
Contractual Maturities of Debt Securities	Contractual maturities of marketable debt securities at September 30, 2021 AMORTIZED FAIR COST VALUE Within one year $ 432.9 $ 434.7 One to five years 1,083.7 1,089.1 Six to ten years 10.8 10.8 More than ten years 11.7 11.6 $ 1,539.1 $ 1,546.2

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories include the following: September 30 December 31 2021 2020 Finished products $ 687.5 $ 610.0 Work in process and raw materials 2,027.4 801.9 2,714.9 1,411.9 Less LIFO reserve (198.2 ) (190.0 ) $ 2,516.7 $ 1,221.9

Finance and Other Receivables (

Finance and Other Receivables (Tables)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Finance and Other Receivables	Finance and other receivables include the following: September 30 December 31 2021 2020 Loans $ 6,323.9 $ 5,839.1 Finance leases 3,675.6 3,944.7 Dealer wholesale financing 1,377.1 2,012.4 Operating lease receivables and other 147.5 151.5 11,524.1 11,947.7 Less allowance for losses: Loans and leases (115.9 ) (120.4 ) Dealer wholesale financing (2.4 ) (3.4 ) Operating lease receivables and other (3.4 ) (3.2 ) $ 11,402.4 $ 11,820.7
Allowance for Credit Losses	The allowance for credit losses is summarized as follows: 2021 DEALER CUSTOMER WHOLESALE RETAIL RETAIL OTHER* TOTAL Balance at January 1 $ 3.4 $ 8.4 $ 112.0 $ 3.2 $ 127.0 Provision for losses (1.0 ) (.7 ) 3.5 1.4 3.2 Charge-offs (9.7 ) (1.3 ) (11.0 ) Recoveries 4.1 .2 4.3 Currency translation and other (1.7 ) (.1 ) (1.8 ) Balance at September 30 $ 2.4 $ 7.7 $ 108.2 $ 3.4 $ 121.7 2020 DEALER CUSTOMER WHOLESALE RETAIL RETAIL OTHER* TOTAL** Balance at January 1 $ 4.3 $ 9.2 $ 101.4 $ 3.7 $ 118.6 Provision for losses (1.1 ) (.8 ) 28.5 1.0 27.6 Charge-offs (22.3 ) (1.2 ) (23.5 ) Recoveries 3.6 .4 4.0 Currency translation and other (1.8 ) (.2 ) (2.0 ) Balance at September 30 $ 3.2 $ 8.4 $ 109.4 $ 3.7 $ 124.7 * Operating leases and other trade receivables. ** The beginning balance has been adjusted for the adoption of ASU 2016-13.
Finance Receivable Evaluated and Determined Individually and Collectively	Information regarding finance receivables evaluated and determined individually and collectively is as follows: DEALER CUSTOMER At September 30, 2021 WHOLESALE RETAIL RETAIL TOTAL Amortized cost basis for impaired finance receivables evaluated individually $ 1.2 $ 66.7 $ 67.9 Allowance for impaired finance receivables determined individually 4.5 4.5 Amortized cost basis for finance receivables evaluated collectively $ 1,377.1 1,676.7 8,254.9 11,308.7 Allowance for finance receivables determined collectively 2.4 7.7 103.7 113.8 DEALER CUSTOMER At December 31, 2020 WHOLESALE RETAIL RETAIL TOTAL Amortized cost basis for impaired finance receivables evaluated individually $ 1.2 $ 86.7 $ 87.9 Allowance for impaired finance receivables determined individually 5.6 5.6 Amortized cost basis for finance receivables evaluated collectively $ 2,012.4 1,701.9 7,994.0 11,708.3 Allowance for finance receivables determined collectively 3.4 8.4 106.4 118.2
Amortized Cost Basis of Finance Receivables that are on Non-accrual Status	The amortized cost basis of finance receivables that are on non-accrual status is as follows: September 30 December 31 2021 2020 Dealer: Retail $ 1.2 $ 1.2 Customer retail: Fleet 49.1 78.6 Owner/operator 6.9 8.1 $ 57.2 $ 87.9
Amortized Cost Basis of Impaired Loans and Specific Reserve	The amortized cost basis of impaired loans as of September 30, 2021 and December 31, 2020 was not significantly different than the unpaid principal balance. DEALER CUSTOMER RETAIL OWNER/ At September 30, 2021 WHOLESALE RETAIL FLEET OPERATOR TOTAL Impaired loans with a specific reserve $ 14.7 $ 1.5 $ 16.2 Associated allowance (.6 ) (.2 ) (.8 ) 14.1 1.3 15.4 Impaired loans with no specific reserve $ 1.2 6.0 .1 7.3 Net carrying amount of impaired loans $ 1.2 $ 20.1 $ 1.4 $ 22.7 Average amortized cost basis * $ 1.2 $ 23.7 $ 1.9 $ 26.8 * Represents the average during the 12 months ended September 30, 2021. DEALER CUSTOMER RETAIL OWNER/ At December 31, 2020 WHOLESALE RETAIL FLEET OPERATOR TOTAL Impaired loans with a specific reserve $ 22.6 $ 2.1 $ 24.7 Associated allowance (1.6 ) (.3 ) (1.9 ) 21.0 1.8 22.8 Impaired loans with no specific reserve $ 1.2 1.2 Net carrying amount of impaired loans $ 1.2 $ 21.0 $ 1.8 $ 24.0 Average amortized cost basis * $ 4.9 $ 1.9 $ 24.5 $ 3.0 $ 34.3 * Represents the average during the 12 months ended September 30, 2020.
Interest Income Recognized on Cash Basis	During the period the loans above were considered impaired, interest income recognized on a cash basis was as follows: Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 Dealer: Retail $ .1 Customer retail: Fleet $ .2 $ .4 $ .6 1.2 Owner/operator .1 .2 $ .2 $ .5 $ .6 $ 1.5
Amortized Cost Basis of Finance Receivables by Credit Quality Indicator and Portfolio Class	The tables below summarize the amortized cost basis of the Company’s finance receivables within each credit quality indicator by year of origination and portfolio class. Revolving At September 30, 2021 Loans 2021 2020 2019 2018 2017 Prior Total Dealer: Wholesale: Performing $ 1,371.8 $ 1,371.8 Watch 5.3 5.3 $ 1,377.1 $ 1,377.1 Retail: Performing $ 16.1 $ 329.8 $ 372.1 $ 417.8 $ 226.5 $ 151.8 $ 137.5 $ 1,651.6 Watch 5.9 3.8 9.5 4.7 1.2 25.1 At-risk 1.2 1.2 $ 16.1 $ 335.7 $ 375.9 $ 427.3 $ 231.2 $ 153.0 $ 138.7 $ 1,677.9 Total dealer $ 1,393.2 $ 335.7 $ 375.9 $ 427.3 $ 231.2 $ 153.0 $ 138.7 $ 3,055.0 Customer retail: Fleet: Performing $ 2,164.2 $ 2,123.1 $ 1,411.1 $ 732.8 $ 286.5 $ 109.1 $ 6,826.8 Watch 1.4 5.0 4.6 7.1 .6 .2 18.9 At-risk 4.9 7.2 29.7 11.7 5.5 .8 59.8 $ 2,170.5 $ 2,135.3 $ 1,445.4 $ 751.6 $ 292.6 $ 110.1 $ 6,905.5 Owner/operator: Performing $ 512.9 $ 429.7 $ 262.3 $ 137.9 $ 49.7 $ 12.3 $ 1,404.8 Watch .6 .9 2.0 .8 .1 4.4 At-risk .3 1.4 1.9 2.5 .6 .2 6.9 $ 513.8 $ 432.0 $ 266.2 $ 141.2 $ 50.4 $ 12.5 $ 1,416.1 Total customer retail $ 2,684.3 $ 2,567.3 $ 1,711.6 $ 892.8 $ 343.0 $ 122.6 $ 8,321.6 Total $ 1,393.2 $ 3,020.0 $ 2,943.2 $ 2,138.9 $ 1,124.0 $ 496.0 $ 261.3 $ 11,376.6 Revolving At December 31, 2020 Loans 2020 2019 2018 2017 2016 Prior Total Dealer: Wholesale: Performing $ 2,004.5 $ 2,004.5 Watch 7.9 7.9 $ 2,012.4 $ 2,012.4 Retail: Performing $ 20.7 $ 504.2 $ 474.9 $ 268.0 $ 180.1 $ 100.4 $ 132.0 $ 1,680.3 Watch 5.2 10.5 4.5 1.4 21.6 At-risk 1.2 1.2 $ 20.7 $ 509.4 $ 485.4 $ 272.5 $ 181.5 $ 101.6 $ 132.0 $ 1,703.1 Total dealer $ 2,033.1 $ 509.4 $ 485.4 $ 272.5 $ 181.5 $ 101.6 $ 132.0 $ 3,715.5 Customer retail: Fleet: Performing $ 2,664.9 $ 1,921.6 $ 1,203.7 $ 533.7 $ 234.2 $ 65.2 $ 6,623.3 Watch 13.5 17.8 11.8 5.9 1.5 1.2 51.7 At-risk 8.0 37.0 18.2 12.2 2.4 .8 78.6 $ 2,686.4 $ 1,976.4 $ 1,233.7 $ 551.8 $ 238.1 $ 67.2 $ 6,753.6 Owner/operator: Performing $ 554.6 $ 376.4 $ 225.1 $ 105.2 $ 41.2 $ 9.1 $ 1,311.6 Watch 1.6 2.7 2.0 .7 .2 .2 7.4 At-risk .9 2.1 3.2 1.2 .4 .3 8.1 $ 557.1 $ 381.2 $ 230.3 $ 107.1 $ 41.8 $ 9.6 $ 1,327.1 Total customer retail $ 3,243.5 $ 2,357.6 $ 1,464.0 $ 658.9 $ 279.9 $ 76.8 $ 8,080.7 Total $ 2,033.1 $ 3,752.9 $ 2,843.0 $ 1,736.5 $ 840.4 $ 381.5 $ 208.8 $ 11,796.2
Amortized Cost Basis of Financing Receivables by Aging Category	The tables below summarize the amortized cost basis of the Company’s finance receivables by aging category. In determining past due status, the Company considers the entire contractual account balance past due when any installment is over 30 days past due. Substantially all customer accounts that were greater than 30 days past due prior to credit modification became current upon modification for aging purposes. DEALER CUSTOMER RETAIL OWNER/ At September 30, 2021 WHOLESALE RETAIL FLEET OPERATOR TOTAL Current and up to 30 days past due $ 1,377.1 $ 1,677.9 $ 6,885.8 $ 1,407.0 $ 11,347.8 31 – 60 days past due 4.6 3.6 8.2 Greater than 60 days past due 15.1 5.5 20.6 $ 1,377.1 $ 1,677.9 $ 6,905.5 $ 1,416.1 $ 11,376.6 DEALER CUSTOMER RETAIL OWNER/ At December 31, 2020 WHOLESALE RETAIL FLEET OPERATOR TOTAL Current and up to 30 days past due $ 2,012.4 $ 1,703.1 $ 6,718.3 $ 1,314.7 $ 11,748.5 31 – 60 days past due 12.3 6.5 18.8 Greater than 60 days past due 23.0 5.9 28.9 $ 2,012.4 $ 1,703.1 $ 6,753.6 $ 1,327.1 $ 11,796.2
Pre- and Post-Modification Amortized Cost Basis Balances by Portfolio Class	At modification date, the pre-modification and post-modification amortized cost basis balances for finance receivables modified during the period by portfolio class are as follows: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 AMORTIZED COST BASIS AMORTIZED COST BASIS PRE- MODIFICATION POST- MODIFICATION PRE- MODIFICATION POST- MODIFICATION Fleet $ 1.0 $ 1.0 $ 5.8 $ 5.7 Owner/operator 1.0 1.0 $ 1.0 $ 1.0 $ 6.8 $ 6.7 Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 AMORTIZED COST BASIS AMORTIZED COST BASIS PRE- MODIFICATION POST- MODIFICATION PRE- MODIFICATION POST- MODIFICATION Fleet $ 7.5 $ 7.5 $ 46.5 $ 46.5 Owner/operator 1.1 1.1 2.2 2.2 $ 8.6 $ 8.6 $ 48.7 $ 48.7

Product Support Liabilities (Ta

Product Support Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Product Warranties Disclosures [Abstract]
Changes in Product Support Liabilities, Warranty Reserves	WARRANTY RESERVES 2021 2020 Balance at January 1 $ 389.7 $ 440.0 Cost accruals 218.9 217.8 Payments (309.7 ) (328.1 ) Change in estimates for pre-existing warranties 43.4 65.1 Currency translation and other (5.0 ) .1 Balance at September 30 $ 337.3 $ 394.9
Changes in Deferred Revenues on Extended Warranties and R&M Contracts	DEFERRED REVENUES ON EXTENDED WARRANTIES AND R&M CONTRACTS 2021 2020 Balance at January 1 $ 795.8 $ 801.4 Deferred revenues 350.7 293.1 Revenues recognized (363.8 ) (322.1 ) Currency translation (15.5 ) 6.0 Balance at September 30 $ 767.2 $ 778.4

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Components of Comprehensive Income, Net of Related Tax	The components of comprehensive income are as follow: Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 Net income $ 377.7 $ 385.5 $ 1,340.7 $ 892.6 Other comprehensive income (loss) (OCI): Unrealized gains (losses) on derivative contracts 8.2 (17.9 ) 29.4 1.3 Tax effect (1.6 ) 3.4 (7.6 ) .6 6.6 (14.5 ) 21.8 1.9 Unrealized (losses) gains on marketable debt securities (3.4 ) (12.2 ) 12.4 Tax effect .7 2.9 (3.0 ) (2.7 ) (9.3 ) 9.4 Pension plans 22.7 3.4 49.0 45.7 Tax effect (5.4 ) (.6 ) (11.6 ) (10.8 ) 17.3 2.8 37.4 34.9 Foreign currency translation (losses) gains (136.8 ) 112.6 (144.8 ) (135.1 ) Net other comprehensive (loss) income (115.6 ) 100.9 (94.9 ) (88.9 ) Comprehensive income $ 262.1 $ 486.4 $ 1,245.8 $ 803.7
Changes in Accumulated Other Comprehensive Income (loss) by Component	The components of AOCI and the changes in AOCI, net of tax, included in the Consolidated Balance Sheets and the Consolidated Statements of Stockholders’ Equity consisted of the following: Three Months Ended September 30, 2021 DERIVATIVE CONTRACTS MARKETABLE DEBT SECURITIES PENSION PLANS FOREIGN CURRENCY TRANSLATION TOTAL Balance at July 1, 2021 $ (14.0 ) $ 8.0 $ (558.0 ) $ (465.6 ) $ (1,029.6 ) Recorded into AOCI 35.3 (2.5 ) 6.1 (136.8 ) (97.9 ) Reclassified out of AOCI (28.7 ) (.2 ) 11.2 (17.7 ) Net other comprehensive income (loss) 6.6 (2.7 ) 17.3 (136.8 ) (115.6 ) Balance at September 30, 2021 $ (7.4 ) $ 5.3 $ (540.7 ) $ (602.4 ) $ (1,145.2 ) Three Months Ended September 30, 2020 DERIVATIVE CONTRACTS MARKETABLE DEBT SECURITIES PENSION PLANS FOREIGN CURRENCY TRANSLATION TOTAL Balance at July 1, 2020 $ 1.1 $ 15.5 $ (485.6 ) $ (820.9 ) $ (1,289.9 ) Recorded into AOCI (46.9 ) .4 (6.4 ) 112.6 59.7 Reclassified out of AOCI 32.4 (.4 ) 9.2 41.2 Net other comprehensive (loss) income (14.5 ) 2.8 112.6 100.9 Balance at September 30, 2020 $ (13.4 ) $ 15.5 $ (482.8 ) $ (708.3 ) $ (1,189.0 ) Nine Months Ended September 30, 2021 DERIVATIVE CONTRACTS MARKETABLE DEBT SECURITIES PENSION PLANS FOREIGN CURRENCY TRANSLATION TOTAL Balance at January 1, 2021 $ (29.2 ) $ 14.6 $ (578.1 ) $ (457.6 ) $ (1,050.3 ) Recorded into AOCI 42.8 (8.2 ) 3.3 (144.8 ) (106.9 ) Reclassified out of AOCI (21.0 ) (1.1 ) 34.1 12.0 Net other comprehensive income (loss) 21.8 (9.3 ) 37.4 (144.8 ) (94.9 ) Balance at September 30, 2021 $ (7.4 ) $ 5.3 $ (540.7 ) $ (602.4 ) $ (1,145.2 ) Nine Months Ended September 30, 2020 DERIVATIVE CONTRACTS MARKETABLE DEBT SECURITIES PENSION PLANS FOREIGN CURRENCY TRANSLATION TOTAL Balance at January 1, 2020 $ (15.3 ) $ 6.1 $ (517.7 ) $ (573.2 ) $ (1,100.1 ) Recorded into AOCI 14.5 10.6 2.4 (135.1 ) (107.6 ) Reclassified out of AOCI (12.6 ) (1.2 ) 32.5 18.7 Net other comprehensive income (loss) 1.9 9.4 34.9 (135.1 ) (88.9 ) Balance at September 30, 2020 $ (13.4 ) $ 15.5 $ (482.8 ) $ (708.3 ) $ (1,189.0 )
Reclassifications Out of Accumulated Other Comprehensive Income	Reclassifications out of AOCI were as follows: Three Months Ended LINE ITEM IN THE CONSOLIDATED STATEMENTS September 30 AOCI COMPONENTS COMPREHENSIVE INCOME 2021 2020 Unrealized losses (gains) on derivative contracts: Truck, Parts and Other Foreign-exchange contracts Net sales and revenues $ 1.3 $ (10.6 ) Cost of sales and revenues (3.5 ) 2.5 Interest and other (income), net (.5 ) (.4 ) Financial Services Interest-rate contracts Interest and other borrowing expenses (35.4 ) 50.5 Pre-tax expense (reduction) increase (38.1 ) 42.0 Tax expense (benefit) 9.4 (9.6 ) After-tax expense (reduction) increase (28.7 ) 32.4 Unrealized gains on marketable debt securities: Marketable debt securities Investment income (.3 ) (.6 ) Tax expense .1 .2 After-tax income increase (.2 ) (.4 ) Pension plans: Truck, Parts and Other Actuarial loss Interest and other (income), net 14.7 11.1 Prior service costs Interest and other (income), net .2 .4 Settlement loss Interest and other (income), net .5 Pre-tax expense increase 14.9 12.0 Tax benefit (3.7 ) (2.8 ) After-tax expense increase 11.2 9.2 Total reclassifications out of AOCI $ (17.7 ) $ 41.2 Nine Months Ended LINE ITEM IN THE CONSOLIDATED STATEMENTS September 30 AOCI COMPONENTS COMPREHENSIVE INCOME 2021 2020 Unrealized losses (gains) on derivative contracts: Truck, Parts and Other Foreign-exchange contracts Net sales and revenues $ 14.9 $ (22.2 ) Cost of sales and revenues 2.5 .2 Interest and other (income), net (.2 ) (5.2 ) Financial Services Interest-rate contracts Interest and other borrowing expenses (45.9 ) 13.2 Pre-tax expense reduction (28.7 ) (14.0 ) Tax expense 7.7 1.4 After-tax expense reduction (21.0 ) (12.6 ) Unrealized gains on marketable debt securities: Marketable debt securities Investment income (1.5 ) (1.6 ) Tax expense .4 .4 After-tax income increase (1.1 ) (1.2 ) Pension plans: Truck, Parts and Other Actuarial loss Interest and other (income), net 44.2 33.1 Prior service costs Interest and other (income), net .6 1.1 Settlement loss Interest and other (income), net 8.5 Pre-tax expense increase 44.8 42.7 Tax benefit (10.7 ) (10.2 ) After-tax expense increase 34.1 32.5 Total reclassifications out of AOCI $ 12.0 $ 18.7

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Reporting Information by Segment	Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 Net sales and revenues: Truck $ 3,555.1 $ 3,675.8 $ 12,249.5 $ 9,469.9 Less intersegment (102.5 ) (171.8 ) (411.7 ) (349.9 ) External customers 3,452.6 3,504.0 11,837.8 9,120.0 Parts 1,275.2 1,029.4 3,677.8 2,874.7 Less intersegment (15.0 ) (13.2 ) (45.6 ) (36.2 ) External customers 1,260.2 1,016.2 3,632.2 2,838.5 Other 24.9 18.2 68.8 59.8 4,737.7 4,538.4 15,538.8 12,018.3 Financial Services 409.1 397.6 1,297.4 1,141.6 $ 5,146.8 $ 4,936.0 $ 16,836.2 $ 13,159.9 Income before income taxes: Truck $ 78.5 $ 210.1 $ 603.0 $ 347.0 Parts 280.8 210.2 797.7 576.8 Other 2.3 7.7 12.4 22.8 361.6 428.0 1,413.1 946.6 Financial Services 120.1 55.5 303.0 159.3 Investment income 1.6 6.4 11.5 30.2 $ 483.3 $ 489.9 $ 1,727.6 $ 1,136.1 Depreciation and amortization: Truck $ 63.5 $ 73.3 $ 204.2 $ 218.8 Parts 2.8 3.0 8.6 8.0 Other 5.3 5.5 16.0 15.8 71.6 81.8 228.8 242.6 Financial Services 138.3 184.4 463.5 536.9 $ 209.9 $ 266.2 $ 692.3 $ 779.5

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Balance Sheet Classifications, Fair Value, Gross and Pro-Forma Net Amounts of Derivative Financial Instruments	The following table presents the balance sheet classification, fair value, gross and pro forma net amounts of derivative financial instruments: September 30, 2021 December 31, 2020 ASSETS LIABILITIES ASSETS LIABILITIES Derivatives designated under hedge accounting: Interest-rate contracts: Financial Services: Other assets $ 18.7 $ 16.4 Deferred taxes and other liabilities $ 54.3 $ 116.1 Foreign-exchange contracts: Truck, Parts and Other: Other current assets 22.9 2.7 Accounts payable, accrued expenses and other 5.7 35.9 Financial Services: Other current assets 1.7 Deferred taxes and other liabilities .5 1.2 Commodity contracts: Truck, Parts and Other: Other current assets 9.8 $ 43.3 $ 70.3 $ 19.1 $ 153.2 Derivatives not designated as hedging instruments: Foreign-exchange contracts: Truck, Parts and Other: Other current assets $ .2 $ 1.1 Accounts payable, accrued expenses and other $ 1.5 $ 3.3 Financial Services: Other assets .2 .3 Deferred taxes and other liabilities .1 3.4 $ .4 $ 1.6 $ 1.4 $ 6.7 Gross amounts recognized in Balance Sheets $ 43.7 $ 71.9 $ 20.5 $ 159.9 Less amounts not offset in financial instruments: Truck, Parts and Other: Foreign-exchange contracts $ (4.1 ) $ (4.1 ) $ (2.1 ) $ (2.1 ) Financial Services: Foreign-exchange contracts (.5 ) (.5 ) Interest-rate contracts (8.5 ) (8.5 ) (12.0 ) (12.0 ) Pro forma net amount $ 30.6 $ 58.8 $ 6.4 $ 145.8
Amount of Loss (Gain) from Derivative Financial Instruments Recorded in Consolidated Statements of Comprehensive Income	The following table presents the amount of loss (gain) from derivative financial instruments recorded in the Consolidated Statements of Comprehensive Income: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE RATE EXCHANGE Truck, Parts and Other: Net sales and revenues Cash flow hedges $ 1.3 $ 14.9 Cost of sales and revenues Cash flow hedges (3.5 ) 2.5 Derivatives not designated as hedging instruments 17.8 8.8 Interest and other (income), net Cash flow hedges (.5 ) (.2 ) Net investment hedges (.7 ) (2.4 ) Derivatives not designated as hedging instruments (.6 ) 1.0 $ 13.8 $ 24.6 Financial Services: Interest and other borrowing expenses Cash flow hedges $ (35.4 ) $ (45.9 ) Fair value hedges .1 Derivatives not designated as hedging instruments $ (.3 ) $ (.7 ) $ (35.4 ) $ (.3 ) $ (45.8 ) $ (.7 ) Total $ (35.4 ) $ 13.5 $ (45.8 ) $ 23.9 Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE RATE EXCHANGE Truck, Parts and Other: Net sales and revenues Cash flow hedges $ (10.6 ) $ (22.2 ) Cost of sales and revenues Cash flow hedges 2.5 .2 Derivatives not designated as hedging instruments (.8 ) .4 Interest and other (income), net Cash flow hedges (.4 ) (5.2 ) Net investment hedges (1.0 ) (4.5 ) Derivatives not designated as hedging instruments (19.3 ) $ (10.3 ) $ (50.6 ) Financial Services: Interest and other borrowing expenses Cash flow hedges $ 50.5 $ 13.2 Fair value hedges .2 .7 Derivatives not designated as hedging instruments $ 6.9 $ (1.9 ) Selling, general and administrative .1 $ 50.7 $ 7.0 $ 13.9 $ (1.9 ) Total $ 50.7 $ (3.3 ) $ 13.9 $ (52.5 )
Amounts Related to Cumulative Basis Adjustments for Fair Value Hedges	The following table presents the amounts recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges: September 30 December 31 2021 2020 Financial Services Term notes: Carrying amount of the hedged liabilities $ 561.0 $ 90.9 Cumulative 3.3 (.9 )
Pre-Tax Effects of Gain (Loss) on Cash Flow Hedges recognized in OCI	The following tables presents the pre-tax effects of gain (loss) on cash flow hedges recognized in other comprehensive income (loss) (OCI): Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE COMMODITY RATE EXCHANGE COMMODITY Gain (loss) recognized in OCI: Truck, Parts and Other $ 2.3 $ (9.8 ) $ (6.7 ) $ (9.8 ) Financial Services $ 43.4 .6 $ 67.1 (2.3 ) $ 43.4 $ 2.9 $ (9.8 ) $ 67.1 $ (9.0 ) $ (9.8 ) Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 INTEREST- FOREIGN- INTEREST- FOREIGN- RATE EXCHANGE COMMODITY RATE EXCHANGE COMMODITY (Loss) gain recognized in OCI: Truck, Parts and Other $ (10.8 ) $ 42.6 Financial Services $ (49.1 ) $ (27.3 ) $ (49.1 ) $ (10.8 ) $ (27.3 ) $ 42.6

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Subject to Recurring Fair Value Measurements	The Company’s assets and liabilities subject to recurring fair value measurements are either Level 1 or Level 2 as follows: At September 30, 2021 LEVEL 1 LEVEL 2 TOTAL Assets: Marketable debt securities U.S. tax-exempt securities $ 495.9 $ 495.9 U.S. corporate securities 209.5 209.5 U.S. government and agency securities $ 86.7 86.7 Non-U.S. corporate securities 436.7 436.7 Non-U.S. government securities 64.0 64.0 Other debt securities 253.4 253.4 Total marketable debt securities $ 86.7 $ 1,459.5 $ 1,546.2 Marketable equity securities $ 3.2 $ 3.2 Total marketable securities $ 89.9 $ 1,459.5 $ 1,549.4 Derivatives Cross currency swaps $ 12.7 $ 12.7 Interest-rate swaps 6.0 6.0 Foreign-exchange contracts 25.0 25.0 Total derivative assets $ 43.7 $ 43.7 Liabilities: Derivatives Cross currency swaps $ 31.7 $ 31.7 Interest-rate swaps 22.6 22.6 Foreign-exchange contracts 7.8 7.8 Commodity contracts 9.8 9.8 Total derivative liabilities $ 71.9 $ 71.9 At December 31, 2020 LEVEL 1 LEVEL 2 TOTAL Assets: Marketable debt securities U.S. tax-exempt securities $ 392.4 $ 392.4 U.S. corporate securities 232.9 232.9 U.S. government and agency securities $ 86.5 7.9 94.4 Non-U.S. corporate securities 411.5 411.5 Non-U.S. government securities 77.5 77.5 Other debt securities 220.3 220.3 Total marketable debt securities $ 86.5 $ 1,342.5 $ 1,429.0 Derivatives Cross currency swaps $ 14.8 $ 14.8 Interest-rate swaps 1.6 1.6 Foreign-exchange contracts 4.1 4.1 Total derivative assets $ 20.5 $ 20.5 Liabilities: Derivatives Cross currency swaps $ 77.6 $ 77.6 Interest-rate swaps 38.5 38.5 Foreign-exchange contracts 43.8 43.8 Total derivative liabilities $ 159.9 $ 159.9
Carrying Amount and Fair Value of Financial Services Fixed-Rate Loans and Fixed-Rate Debt	The Company’s estimate of fair value for fixed rate loans and debt that are not carried at fair value was as follows: September 30, 2021 December 31, 2020 CARRYING FAIR CARRYING FAIR AMOUNT VALUE AMOUNT VALUE Assets: Financial Services fixed rate loans $ 5,891.2 $ 5,984.7 $ 5,319.2 $ 5,429.5 Liabilities: Financial Services fixed rate debt 6,629.7 6,716.8 6,482.0 6,648.6

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2021
Compensation And Retirement Disclosure [Abstract]
Components of Net Pension Expense	The following information details the components of net pension expense for the Company’s defined benefit plans: Three Months Ended Nine Months Ended September 30 September 30 2021 2020 2021 2020 Service cost $ 37.6 $ 32.8 $ 113.0 $ 98.0 Interest on projected benefit obligation 16.7 20.8 50.0 62.1 Expected return on assets (51.1 ) (47.6 ) (153.4 ) (142.3 ) Amortization of prior service costs .2 .4 .6 1.1 Recognized actuarial loss 14.7 11.1 44.2 33.1 Settlement loss .5 8.5 Net pension expense $ 18.1 $ 18.0 $ 54.4 $ 60.5

Dilutive and Antidilutive Optio

Dilutive and Antidilutive Options (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Additional shares	519,900	758,500	678,000	545,300
Antidilutive options	580,400	646,500	583,600	679,000

Schedule of Revenues by Major S

Schedule of Revenues by Major Sources (Detail) - Truck, Parts and Other - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	$ 4,737.7	$ 4,538.4	$ 15,538.8	$ 12,018.3
Trucks
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	3,452.6	3,504	11,837.8	9,120
Trucks | Truck Sales
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	3,258.3	3,324	11,253.7	8,615.7
Trucks | Revenues from extended warranties, operating leases and other
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	194.3	180	584.1	504.3
Parts Subsegment
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	1,260.2	1,016.2	3,632.2	2,838.5
Parts Subsegment | Parts
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	1,226.1	987.2	3,528.1	2,756.6
Parts Subsegment | Revenues from dealer services and other
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	34.1	29	104.1	81.9
Winch Sales and Other
Entity Wide Information Revenue From External Customer [Line Items]
Total sales and revenues	$ 24.9	$ 18.2	$ 68.8	$ 59.8

Sales and Revenues - Additional

Sales and Revenues - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Entity Wide Information Revenue From External Customer [Line Items]
Term used to calculate historical weighted average return rate			7 years
Estimated value of trucks to be returned	$ 672,900,000		$ 672,900,000		$ 627,900,000
Estimated sales returned liabilities			702,600,000		664,100,000
Payment to acquire commitment value			1,194,500,000
Payment to acquire commitment related to lease value			267,000,000
Estimated value of returned goods	74,200,000		74,200,000		62,200,000
Sales returns liabilities in estimated returns	173,800,000		173,800,000		142,000,000
Financial Services
Entity Wide Information Revenue From External Customer [Line Items]
Total operating lease income	206,400,000	$ 198,800,000	627,900,000	$ 593,300,000
Financing receivable, recorded investment, 90 days past due and still accruing	0		0		$ 0
Trucks | Truck Sales
Entity Wide Information Revenue From External Customer [Line Items]
Total operating lease income	24,900,000	$ 26,300,000	75,200,000	$ 76,600,000
Deferred revenue	81,400,000		81,400,000
Deferred revenue recognize, in 2021	11,100,000		11,100,000
Deferred revenue recognize, in 2022	30,900,000		30,900,000
Deferred revenue recognize, in 2023	17,800,000		17,800,000
Deferred revenue recognize, in 2024	12,900,000		12,900,000
Deferred revenue recognize, in 2025	$ 8,700,000		$ 8,700,000
Minimum
Entity Wide Information Revenue From External Customer [Line Items]
Lease and guarantee periods (in years)			3 years
Minimum | Financial Services
Entity Wide Information Revenue From External Customer [Line Items]
Finance leases, lease term			3 years
Operating lease term	3 years		3 years
Maximum
Entity Wide Information Revenue From External Customer [Line Items]
Lease and guarantee periods (in years)			5 years
Warranty period			5 years
Maximum | Financial Services
Entity Wide Information Revenue From External Customer [Line Items]
Finance leases, lease term			5 years
Operating lease term	5 years		5 years

Summary of Financial Services L

Summary of Financial Services Lease Revenues by Lease Type (Detail) - Financial Services - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Entity Wide Information Revenue From External Customer [Line Items]
Finance lease revenues	$ 46.7	$ 45.9	$ 142.8	$ 138.3
Operating lease revenues	206.4	198.8	627.9	593.3
Total lease revenues	$ 253.1	$ 244.7	$ 770.7	$ 731.6

Marketable Securities (Detail)

Marketable Securities (Detail) - Truck, Parts and Other - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	$ 1,539.1
Marketable debt securities, Fair Value	1,546.2
Marketable equity securities, Cost	5.4
Marketable equity securities, Unrealized Gains	0
Marketable equity securities, Unrealized Losses	2.2
Marketable equity securities, Fair Value	3.2
Total marketable securities, Cost	1,544.5	$ 1,409.7
Total marketable securities, Unrealized Gains	9.2	19.4
Total marketable securities, Unrealized Losses	4.3	0.1
Total marketable securities, Fair Value	1,549.4	1,429	[1]
U.S. tax-exempt securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	494.1	388.1
Marketable debt securities, Unrealized Gains	2.4	4.4
Marketable debt securities, Unrealized Losses	0.6	0.1
Marketable debt securities, Fair Value	495.9	392.4
U.S. corporate securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	208.5	229.6
Marketable debt securities, Unrealized Gains	1.3	3.3
Marketable debt securities, Unrealized Losses	0.3
Marketable debt securities, Fair Value	209.5	232.9
U.S. government and agency securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	85.6	92.1
Marketable debt securities, Unrealized Gains	1.1	2.3
Marketable debt securities, Fair Value	86.7	94.4
Non-U.S. corporate securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	435.1	406
Marketable debt securities, Unrealized Gains	2.4	5.5
Marketable debt securities, Unrealized Losses	0.8
Marketable debt securities, Fair Value	436.7	411.5
Non-U.S. government securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	64	77
Marketable debt securities, Unrealized Gains	0.1	0.5
Marketable debt securities, Unrealized Losses	0.1
Marketable debt securities, Fair Value	64	77.5
Other debt securities
Schedule Of Available For Sale Securities [Line Items]
Marketable debt securities, Cost	251.8	216.9
Marketable debt securities, Unrealized Gains	1.9	3.4
Marketable debt securities, Unrealized Losses	0.3
Marketable debt securities, Fair Value	$ 253.4	$ 220.3
[1]	The December 31, 2020 consolidated balance sheet has been derived from audited financial statements.

Investments in Marketable Sec_3

Investments in Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Allowance for credit losses	$ 0	$ 0		$ 0
Truck, Parts and Other
Schedule Of Available For Sale Securities [Line Items]
Gross realized gains from sales of marketable debt securities		1,600,000	$ 1,900,000
Gross realized loss from sales of marketable debt securities		100,000	$ 300,000
Realized gains (losses) on marketable equity securities	$ 0	$ 0

Marketable Debt Securities Cont

Marketable Debt Securities Continuous Unrealized Losses (Detail) - Truck, Parts and Other - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Less than 12 Months Fair Value	$ 591.6	$ 81.1
Less than 12 Months Unrealized Losses	2	0.1
12 Months or Greater Fair value	2.5	$ 1.3
12 Months or Greater Unrealized losses	$ 0.1

Contractual Maturities of Marke

Contractual Maturities of Marketable Debt Securities (Detail) - Truck, Parts and Other $ in Millions	Sep. 30, 2021USD ($)
Amortized Cost Maturities:
Within one year	$ 432.9
One to five years	1,083.7
Six to ten years	10.8
More than ten years	11.7
Marketable debt securities, Cost	1,539.1
Fair Value Maturities:
Within one year	434.7
One to five years	1,089.1
Six to ten years	10.8
More than ten years	11.6
Fair Value	$ 1,546.2

Inventories (Detail)

Inventories (Detail) - Truck, Parts and Other - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Inventory [Line Items]
Finished products	$ 687.5	$ 610
Work in process and raw materials	2,027.4	801.9
Inventories, gross	2,714.9	1,411.9
Less LIFO reserve	(198.2)	(190)
Inventories, net	$ 2,516.7	$ 1,221.9	[1]
[1]	The December 31, 2020 consolidated balance sheet has been derived from audited financial statements.

Inventories - Additional Inform

Inventories - Additional Information (Detail)	Sep. 30, 2021
Truck, Parts and Other
Inventory [Line Items]
Percentage of inventories valued using LIFO method of accounting	47.00%

Finance and Other Receivables_2

Finance and Other Receivables (Detail) - USD ($) $ in Millions		Sep. 30, 2021	Dec. 31, 2020		Sep. 30, 2020		Dec. 31, 2019
Financial Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans		$ 6,323.9	$ 5,839.1
Finance leases		3,675.6	3,944.7
Dealer wholesale financing		1,377.1	2,012.4
Operating lease receivables and other		147.5	151.5
Finance and other receivables, net of deferred income		11,524.1	11,947.7
Less allowance for losses		(121.7)	(127)		$ (124.7)	[1]	$ (118.6)	[1]
Finance and other receivables, net		11,402.4	11,820.7	[2]
Loans and Leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for losses		(115.9)	(120.4)
Dealer | Wholesale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for losses		(2.4)	(3.4)
Dealer | Wholesale | Financial Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for losses		(2.4)	(3.4)		(3.2)		(4.3)
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for losses		(3.4)	(3.2)
Other | Financial Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for losses	[3]	$ (3.4)	$ (3.2)		$ (3.7)		$ (3.7)
[1]	The beginning balance has been adjusted for the adoption of ASU 2016-13.
[2]	The December 31, 2020 consolidated balance sheet has been derived from audited financial statements.
[3]	Operating leases and other trade receivables.

Finance and Other Receivables -

Finance and Other Receivables - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 25.1		$ 35.6
Loans accounted for as troubled debt restructurings	46.7		63.1
TDRs subsequently defaulted, amount		$ 2
TDRs charged-off during the period		2
Repossessed inventory	4.4		$ 18.1
Proceeds from the sales of repossessed assets	$ 33.9	$ 61.7
Financial Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Months contractual terms extended	4 months		3 months
Financial Services | Loans and Leases | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contractual terms of retails loans and finance leases	36 months
Financial Services | Loans and Leases | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contractual terms of retails loans and finance leases	60 months
Financial Services | Financing Receivable | Maximum | Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of portfolio assets	5.00%

Allowance for Credit Losses (De

Allowance for Credit Losses (Detail) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
Financing Receivable, Allowance for Credit Losses [Line Items]
Provision for losses		$ 3.2	$ 27.6
Dealer | Wholesale
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		3.4
Ending Balance		2.4
Other
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		3.2
Ending Balance		3.4
Financial Services
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		127	118.6	[1]
Provision for losses		3.2	27.6	[1]
Charge-offs		(11)	(23.5)	[1]
Recoveries		4.3	4	[1]
Currency translation and other		(1.8)	(2)	[1]
Ending Balance		121.7	124.7	[1]
Financial Services | Dealer | Wholesale
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		3.4	4.3
Provision for losses		(1)	(1.1)
Ending Balance		2.4	3.2
Financial Services | Dealer | Retail
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		8.4	9.2
Provision for losses		(0.7)	(0.8)
Ending Balance		7.7	8.4
Financial Services | Customer Retail
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance		112	101.4
Provision for losses		3.5	28.5
Charge-offs		(9.7)	(22.3)
Recoveries		4.1	3.6
Currency translation and other		(1.7)	(1.8)
Ending Balance		108.2	109.4
Financial Services | Other
Financing Receivable, Allowance for Credit Losses [Line Items]
Beginning Balance	[2]	3.2	3.7
Provision for losses	[2]	1.4	1
Charge-offs	[2]	(1.3)	(1.2)
Recoveries	[2]	0.2	0.4
Currency translation and other	[2]	(0.1)	(0.2)
Ending Balance	[2]	$ 3.4	$ 3.7
[1]	The beginning balance has been adjusted for the adoption of ASU 2016-13.
[2]	Operating leases and other trade receivables.

Finance Receivable Evaluated an

Finance Receivable Evaluated and Determined Individually and Collectively (Detail) - Financial Services - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Losses [Line Items]
Amortized cost basis for impaired finance receivables evaluated individually	$ 67.9	$ 87.9
Allowance for impaired finance receivables determined individually	4.5	5.6
Amortized cost basis for finance receivables evaluated collectively	11,308.7	11,708.3
Allowance for finance receivables determined collectively	113.8	118.2
Dealer | Wholesale
Financing Receivable, Allowance for Credit Losses [Line Items]
Amortized cost basis for finance receivables evaluated collectively	1,377.1	2,012.4
Allowance for finance receivables determined collectively	2.4	3.4
Dealer | Retail
Financing Receivable, Allowance for Credit Losses [Line Items]
Amortized cost basis for impaired finance receivables evaluated individually	1.2	1.2
Amortized cost basis for finance receivables evaluated collectively	1,676.7	1,701.9
Allowance for finance receivables determined collectively	7.7	8.4
Customer Retail
Financing Receivable, Allowance for Credit Losses [Line Items]
Amortized cost basis for impaired finance receivables evaluated individually	66.7	86.7
Allowance for impaired finance receivables determined individually	4.5	5.6
Amortized cost basis for finance receivables evaluated collectively	8,254.9	7,994
Allowance for finance receivables determined collectively	$ 103.7	$ 106.4

Amortized Cost Basis of Finance

Amortized Cost Basis of Finance Receivables that are on Non-accrual Status (Detail) - Financial Services - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Recorded Investment, Past Due [Line Items]
Amortized cost basis of finance receivables that are on non-accrual status	$ 57.2	$ 87.9
Dealer | Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Amortized cost basis of finance receivables that are on non-accrual status	1.2	1.2
Customer Retail | Fleet
Financing Receivable, Recorded Investment, Past Due [Line Items]
Amortized cost basis of finance receivables that are on non-accrual status	49.1	78.6
Customer Retail | Owner/Operator
Financing Receivable, Recorded Investment, Past Due [Line Items]
Amortized cost basis of finance receivables that are on non-accrual status	$ 6.9	$ 8.1

Amortized Cost Basis of Impaire

Amortized Cost Basis of Impaired Loans and Specific Reserve (Detail) - Financial Services - USD ($) $ in Millions		9 Months Ended		12 Months Ended
		Sep. 30, 2021		Dec. 31, 2020
Financing Receivable, Impaired [Line Items]
Impaired loans with a specific reserve		$ 16.2		$ 24.7
Associated allowance		(0.8)		(1.9)
Net carrying amount of impaired loans with specific reserve		15.4		22.8
Impaired loans with no specific reserve		7.3		1.2
Net carrying amount of impaired loans		22.7		24
Average amortized cost basis		26.8	[1]	34.3	[2]
Dealer | Wholesale
Financing Receivable, Impaired [Line Items]
Average amortized cost basis	[2]			4.9
Dealer | Retail
Financing Receivable, Impaired [Line Items]
Impaired loans with no specific reserve		1.2		1.2
Net carrying amount of impaired loans		1.2		1.2
Average amortized cost basis		1.2	[1]	1.9	[2]
Customer Retail | Fleet
Financing Receivable, Impaired [Line Items]
Impaired loans with a specific reserve		14.7		22.6
Associated allowance		(0.6)		(1.6)
Net carrying amount of impaired loans with specific reserve		14.1		21
Impaired loans with no specific reserve		6
Net carrying amount of impaired loans		20.1		21
Average amortized cost basis		23.7	[1]	24.5	[2]
Customer Retail | Owner/Operator
Financing Receivable, Impaired [Line Items]
Impaired loans with a specific reserve		1.5		2.1
Associated allowance		(0.2)		(0.3)
Net carrying amount of impaired loans with specific reserve		1.3		1.8
Impaired loans with no specific reserve		0.1
Net carrying amount of impaired loans		1.4		1.8
Average amortized cost basis		$ 1.9	[1]	$ 3	[2]
[1]	Represents the average during the 12 months ended September 30, 2021.
[2]	Represents the average during the 12 months ended September 30, 2020.

Interest Income Recognized on C

Interest Income Recognized on Cash Basis (Detail) - Financial Services - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income recognized:
Interest income recognized on a cash basis	$ 0.2	$ 0.5	$ 0.6	$ 1.5
Customer Retail | Fleet
Interest income recognized:
Interest income recognized on a cash basis	$ 0.2	0.4	$ 0.6	1.2
Customer Retail | Owner/Operator
Interest income recognized:
Interest income recognized on a cash basis		$ 0.1		0.2
Dealer | Retail
Interest income recognized:
Interest income recognized on a cash basis				$ 0.1

Amortized Cost Basis of Finan_2

Amortized Cost Basis of Finance Receivables by Credit Quality Indicator and Portfolio Class (Detail) - Financial Services - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	$ 1,393.2	$ 2,033.1
Financed Receivables, By Origination Year, Current Fiscal Year	3,020	3,752.9
Financing Receivable, Originated One Year before Current Fiscal Year	2,943.2	2,843
Financing Receivable, Originated Two Years before Current Fiscal Year	2,138.9	1,736.5
Financing Receivable, Originated Three Years before Current Fiscal Year	1,124	840.4
Financing Receivable, Originated Four Years before Current Fiscal Year	496	381.5
Financed Receivables, By Origination Year, Prior	261.3	208.8
Finance Receivables, Total	11,376.6	11,796.2
Dealer
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	1,393.2	2,033.1
Financed Receivables, By Origination Year, Current Fiscal Year	335.7	509.4
Financing Receivable, Originated One Year before Current Fiscal Year	375.9	485.4
Financing Receivable, Originated Two Years before Current Fiscal Year	427.3	272.5
Financing Receivable, Originated Three Years before Current Fiscal Year	231.2	181.5
Financing Receivable, Originated Four Years before Current Fiscal Year	153	101.6
Financed Receivables, By Origination Year, Prior	138.7	132
Finance Receivables, Total	3,055	3,715.5
Dealer | Wholesale
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	1,377.1	2,012.4
Finance Receivables, Total	1,377.1	2,012.4
Dealer | Wholesale | Performing
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	1,371.8	2,004.5
Finance Receivables, Total	1,371.8	2,004.5
Dealer | Wholesale | Watch
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	5.3	7.9
Finance Receivables, Total	5.3	7.9
Dealer | Retail
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	16.1	20.7
Financed Receivables, By Origination Year, Current Fiscal Year	335.7	509.4
Financing Receivable, Originated One Year before Current Fiscal Year	375.9	485.4
Financing Receivable, Originated Two Years before Current Fiscal Year	427.3	272.5
Financing Receivable, Originated Three Years before Current Fiscal Year	231.2	181.5
Financing Receivable, Originated Four Years before Current Fiscal Year	153	101.6
Financed Receivables, By Origination Year, Prior	138.7	132
Finance Receivables, Total	1,677.9	1,703.1
Dealer | Retail | Performing
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Loans	16.1	20.7
Financed Receivables, By Origination Year, Current Fiscal Year	329.8	504.2
Financing Receivable, Originated One Year before Current Fiscal Year	372.1	474.9
Financing Receivable, Originated Two Years before Current Fiscal Year	417.8	268
Financing Receivable, Originated Three Years before Current Fiscal Year	226.5	180.1
Financing Receivable, Originated Four Years before Current Fiscal Year	151.8	100.4
Financed Receivables, By Origination Year, Prior	137.5	132
Finance Receivables, Total	1,651.6	1,680.3
Dealer | Retail | Watch
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Current Fiscal Year	5.9	5.2
Financing Receivable, Originated One Year before Current Fiscal Year	3.8	10.5
Financing Receivable, Originated Two Years before Current Fiscal Year	9.5	4.5
Financing Receivable, Originated Three Years before Current Fiscal Year	4.7	1.4
Financing Receivable, Originated Four Years before Current Fiscal Year	1.2
Finance Receivables, Total	25.1	21.6
Dealer | Retail | At-risk
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Originated Four Years before Current Fiscal Year		1.2
Financed Receivables, By Origination Year, Prior	1.2
Finance Receivables, Total	1.2	1.2
Customer Retail
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Current Fiscal Year	2,684.3	3,243.5
Financing Receivable, Originated One Year before Current Fiscal Year	2,567.3	2,357.6
Financing Receivable, Originated Two Years before Current Fiscal Year	1,711.6	1,464
Financing Receivable, Originated Three Years before Current Fiscal Year	892.8	658.9
Financing Receivable, Originated Four Years before Current Fiscal Year	343	279.9
Financed Receivables, By Origination Year, Prior	122.6	76.8
Finance Receivables, Total	8,321.6	8,080.7
Customer Retail | Fleet
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Current Fiscal Year	2,170.5	2,686.4
Financing Receivable, Originated One Year before Current Fiscal Year	2,135.3	1,976.4
Financing Receivable, Originated Two Years before Current Fiscal Year	1,445.4	1,233.7
Financing Receivable, Originated Three Years before Current Fiscal Year	751.6	551.8
Financing Receivable, Originated Four Years before Current Fiscal Year	292.6	238.1
Financed Receivables, By Origination Year, Prior	110.1	67.2
Finance Receivables, Total	6,905.5	6,753.6
Customer Retail | Fleet | Performing
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Current Fiscal Year	2,164.2	2,664.9
Financing Receivable, Originated One Year before Current Fiscal Year	2,123.1	1,921.6
Financing Receivable, Originated Two Years before Current Fiscal Year	1,411.1	1,203.7
Financing Receivable, Originated Three Years before Current Fiscal Year	732.8	533.7
Financing Receivable, Originated Four Years before Current Fiscal Year	286.5	234.2
Financed Receivables, By Origination Year, Prior	109.1	65.2
Finance Receivables, Total	6,826.8	6,623.3
Customer Retail | Fleet | Watch
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Current Fiscal Year	1.4	13.5
Financing Receivable, Originated One Year before Current Fiscal Year	5	17.8
Financing Receivable, Originated Two Years before Current Fiscal Year	4.6	11.8
Financing Receivable, Originated Three Years before Current Fiscal Year	7.1	5.9
Financing Receivable, Originated Four Years before Current Fiscal Year	0.6	1.5
Financed Receivables, By Origination Year, Prior	0.2	1.2
Finance Receivables, Total	18.9	51.7
Customer Retail | Fleet | At-risk
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Current Fiscal Year	4.9	8
Financing Receivable, Originated One Year before Current Fiscal Year	7.2	37
Financing Receivable, Originated Two Years before Current Fiscal Year	29.7	18.2
Financing Receivable, Originated Three Years before Current Fiscal Year	11.7	12.2
Financing Receivable, Originated Four Years before Current Fiscal Year	5.5	2.4
Financed Receivables, By Origination Year, Prior	0.8	0.8
Finance Receivables, Total	59.8	78.6
Customer Retail | Owner/Operator
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Current Fiscal Year	513.8	557.1
Financing Receivable, Originated One Year before Current Fiscal Year	432	381.2
Financing Receivable, Originated Two Years before Current Fiscal Year	266.2	230.3
Financing Receivable, Originated Three Years before Current Fiscal Year	141.2	107.1
Financing Receivable, Originated Four Years before Current Fiscal Year	50.4	41.8
Financed Receivables, By Origination Year, Prior	12.5	9.6
Finance Receivables, Total	1,416.1	1,327.1
Customer Retail | Owner/Operator | Performing
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Current Fiscal Year	512.9	554.6
Financing Receivable, Originated One Year before Current Fiscal Year	429.7	376.4
Financing Receivable, Originated Two Years before Current Fiscal Year	262.3	225.1
Financing Receivable, Originated Three Years before Current Fiscal Year	137.9	105.2
Financing Receivable, Originated Four Years before Current Fiscal Year	49.7	41.2
Financed Receivables, By Origination Year, Prior	12.3	9.1
Finance Receivables, Total	1,404.8	1,311.6
Customer Retail | Owner/Operator | Watch
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Current Fiscal Year	0.6	1.6
Financing Receivable, Originated One Year before Current Fiscal Year	0.9	2.7
Financing Receivable, Originated Two Years before Current Fiscal Year	2	2
Financing Receivable, Originated Three Years before Current Fiscal Year	0.8	0.7
Financing Receivable, Originated Four Years before Current Fiscal Year	0.1	0.2
Financed Receivables, By Origination Year, Prior		0.2
Finance Receivables, Total	4.4	7.4
Customer Retail | Owner/Operator | At-risk
Financing Receivable, Recorded Investment [Line Items]
Financed Receivables, By Origination Year, Current Fiscal Year	0.3	0.9
Financing Receivable, Originated One Year before Current Fiscal Year	1.4	2.1
Financing Receivable, Originated Two Years before Current Fiscal Year	1.9	3.2
Financing Receivable, Originated Three Years before Current Fiscal Year	2.5	1.2
Financing Receivable, Originated Four Years before Current Fiscal Year	0.6	0.4
Financed Receivables, By Origination Year, Prior	0.2	0.3
Finance Receivables, Total	$ 6.9	$ 8.1

Amortized Cost Basis of Financi

Amortized Cost Basis of Financing Receivables by Aging Category (Detail) - Financial Services - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	$ 11,376.6	$ 11,796.2
Current and up to 30 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	11,347.8	11,748.5
31 - 60 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	8.2	18.8
Greater than 60 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	20.6	28.9
Dealer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	3,055	3,715.5
Dealer | Wholesale
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	1,377.1	2,012.4
Dealer | Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	1,677.9	1,703.1
Dealer | Current and up to 30 days past due | Wholesale
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	1,377.1	2,012.4
Dealer | Current and up to 30 days past due | Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	1,677.9	1,703.1
Customer Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	8,321.6	8,080.7
Customer Retail | Fleet
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	6,905.5	6,753.6
Customer Retail | Owner/Operator
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	1,416.1	1,327.1
Customer Retail | Current and up to 30 days past due | Fleet
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	6,885.8	6,718.3
Customer Retail | Current and up to 30 days past due | Owner/Operator
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	1,407	1,314.7
Customer Retail | 31 - 60 days past due | Fleet
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	4.6	12.3
Customer Retail | 31 - 60 days past due | Owner/Operator
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	3.6	6.5
Customer Retail | Greater than 60 days past due | Fleet
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	15.1	23
Customer Retail | Greater than 60 days past due | Owner/Operator
Financing Receivable, Recorded Investment, Past Due [Line Items]
Finance Receivable	$ 5.5	$ 5.9

Pre- and Post-Modification Amor

Pre- and Post-Modification Amortized Cost Basis Balances for Finance Receivables Modified by Portfolio Class (Detail) - Financial Services - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Financing Receivable, Modifications [Line Items]
Pre-Modification, Amortized Cost Basis	$ 1	$ 8.6	$ 6.8	$ 48.7
Post-Modification, Amortized Cost Basis	1	8.6	6.7	48.7
Customer Retail | Fleet
Financing Receivable, Modifications [Line Items]
Pre-Modification, Amortized Cost Basis	1	7.5	5.8	46.5
Post-Modification, Amortized Cost Basis	$ 1	7.5	5.7	46.5
Customer Retail | Owner/Operator
Financing Receivable, Modifications [Line Items]
Pre-Modification, Amortized Cost Basis		1.1	1	2.2
Post-Modification, Amortized Cost Basis		$ 1.1	$ 1	$ 2.2

Product Support Liabilities - A

Product Support Liabilities - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Product Warranty Liability [Line Items]
Deferred revenue on extended warranties and R&M recognize, in 2021	$ 68.5
Deferred revenue on extended warranties and R&M recognize, in 2022	265.4
Deferred revenue on extended warranties and R&M recognize, in 2023	224.6
Deferred revenue on extended warranties and R&M recognize, in 2024	125.2
Deferred revenue on extended warranties and R&M recognize, in 2025	54.1
Deferred revenue on extended warranties and R&M recognize, thereafter	$ 29.4
Truck, Parts and Other
Product Warranty Liability [Line Items]
Standard product warranty, description	The Company generally offers one year warranties covering most of its vehicles and related aftermarket parts. For vehicles equipped with engines manufactured by PACCAR, the Company generally offers two year warranties on the engine.
Standard product warranty, term	1 year
Extended product warranty, description	Optional extended warranty and R&M contracts can be purchased for periods which generally range up to five years.
Truck, Parts and Other | Maximum
Product Warranty Liability [Line Items]
Extended product warranty, term	5 years
Truck, Parts and Other | Engines manufactured by PACCAR
Product Warranty Liability [Line Items]
Standard product warranty, term	2 years

Changes in Product Support Liab

Changes in Product Support Liabilities (Detail) - Truck, Parts and Other - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
WARRANTY RESERVES
Beginning balance	$ 389.7	$ 440
Cost accruals	218.9	217.8
Payments	(309.7)	(328.1)
Change in estimates for pre-existing warranties	43.4	65.1
Currency translation and other	(5)	0.1
Ending balance	337.3	394.9
DEFERRED REVENUES ON EXTENDED WARRANTIES AND R&M CONTRACTS
Beginning balance	795.8	801.4
Deferred revenues	350.7	293.1
Revenues recognized	(363.8)	(322.1)
Currency translation	(15.5)	6
Ending balance	$ 767.2	$ 778.4

Components of Comprehensive Inc

Components of Comprehensive Income, Net of Related Tax (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 377.7	$ 385.5	$ 1,340.7	$ 892.6
Other comprehensive income (loss) (OCI):
Unrealized gains (losses) on derivative contracts	8.2	(17.9)	29.4	1.3
Tax effect	(1.6)	3.4	(7.6)	0.6
Net current period OCI, unrealized gains (losses) on derivative contracts	6.6	(14.5)	21.8	1.9
Unrealized (losses) gains on marketable debt securities	(3.4)	0	(12.2)	12.4
Tax effect	0.7	0	2.9	(3)
Net current period OCI, unrealized gains and (losses) on marketable debt securities	(2.7)	0	(9.3)	9.4
Pension plans	22.7	3.4	49	45.7
Tax effect	(5.4)	(0.6)	(11.6)	(10.8)
Net current period OCI, pension plans	17.3	2.8	37.4	34.9
Foreign currency translation (losses) gains	(136.8)	112.6	(144.8)	(135.1)
Net other comprehensive (loss) income	(115.6)	100.9	(94.9)	(88.9)
Comprehensive income	$ 262.1	$ 486.4	$ 1,245.8	$ 803.7

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Detail) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	[1]			$ 10,390
Reclassified out of AOCI		$ (17.7)	$ 41.2	12	$ 18.7
Net other comprehensive (loss) income		(115.6)	100.9	(94.9)	(88.9)
Ending balance		11,330.4	10,184.4	11,330.4	10,184.4
Derivative Contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		(14)	1.1	(29.2)	(15.3)
Recorded into AOCI		35.3	(46.9)	42.8	14.5
Reclassified out of AOCI		(28.7)	32.4	(21)	(12.6)
Net other comprehensive (loss) income		6.6	(14.5)	21.8	1.9
Ending balance		(7.4)	(13.4)	(7.4)	(13.4)
Marketable Debt Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		8	15.5	14.6	6.1
Recorded into AOCI		(2.5)	0.4	(8.2)	10.6
Reclassified out of AOCI		(0.2)	(0.4)	(1.1)	(1.2)
Net other comprehensive (loss) income		(2.7)		(9.3)	9.4
Ending balance		5.3	15.5	5.3	15.5
Pension Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		(558)	(485.6)	(578.1)	(517.7)
Recorded into AOCI		6.1	(6.4)	3.3	2.4
Reclassified out of AOCI		11.2	9.2	34.1	32.5
Net other comprehensive (loss) income		17.3	2.8	37.4	34.9
Ending balance		(540.7)	(482.8)	(540.7)	(482.8)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		(465.6)	(820.9)	(457.6)	(573.2)
Recorded into AOCI		(136.8)	112.6	(144.8)	(135.1)
Net other comprehensive (loss) income		(136.8)	112.6	(144.8)	(135.1)
Ending balance		(602.4)	(708.3)	(602.4)	(708.3)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		(1,029.6)	(1,289.9)	(1,050.3)	(1,100.1)
Recorded into AOCI		(97.9)	59.7	(106.9)	(107.6)
Reclassified out of AOCI		(17.7)	41.2	12	18.7
Net other comprehensive (loss) income		(115.6)	100.9	(94.9)	(88.9)
Ending balance		$ (1,145.2)	$ (1,189)	$ (1,145.2)	$ (1,189)
[1]	The December 31, 2020 consolidated balance sheet has been derived from audited financial statements.

Reclassifications Out of Accumu

Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income before income taxes	$ (483.3)	$ (489.9)	$ (1,727.6)	$ (1,136.1)
Investment income	1.6	6.4	11.5	30.2
Tax (benefit) expense	105.6	104.4	386.9	243.5
Net Income (Loss)	(377.7)	(385.5)	(1,340.7)	(892.6)
Total reclassifications out of AOCI	(17.7)	41.2	12	18.7
Derivative Contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total reclassifications out of AOCI	(28.7)	32.4	(21)	(12.6)
Derivative Contracts | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income before income taxes	(38.1)	42	(28.7)	(14)
Tax (benefit) expense	9.4	(9.6)	7.7	1.4
Net Income (Loss)	(28.7)	32.4	(21)	(12.6)
Marketable Debt Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total reclassifications out of AOCI	(0.2)	(0.4)	(1.1)	(1.2)
Marketable Debt Securities | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Investment income	(0.3)	(0.6)	(1.5)	(1.6)
Tax (benefit) expense	0.1	0.2	0.4	0.4
Net Income (Loss)	(0.2)	(0.4)	(1.1)	(1.2)
Truck, Parts and Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net sales and revenues	(4,737.7)	(4,538.4)	(15,538.8)	(12,018.3)
Truck, Parts and Other | Derivative Contracts | Foreign-exchange contracts | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net sales and revenues	1.3	(10.6)	14.9	(22.2)
Cost of sales and revenues	(3.5)	2.5	2.5	0.2
Interest and other (income), net	(0.5)	(0.4)	(0.2)	(5.2)
Truck, Parts and Other | Actuarial loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest and other (income), net	14.7	11.1	44.2	33.1
Truck, Parts and Other | Prior service costs
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest and other (income), net	0.2	0.4	0.6	1.1
Truck, Parts and Other | Settlement Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest and other (income), net		0.5		8.5
Income before income taxes	14.9	12	44.8	42.7
Tax (benefit) expense	(3.7)	(2.8)	(10.7)	(10.2)
Net Income (Loss)	11.2	9.2	34.1	32.5
Financial Services | Derivative Contracts | Interest-Rate Contracts | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest and other borrowing expenses	$ (35.4)	$ 50.5	$ (45.9)	$ 13.2

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 04, 2018
Equity Class Of Treasury Stock [Line Items]
Stock-based compensation expense	$ 2,600,000	$ 2,300,000	$ 12,000,000	$ 10,500,000
Additional common shares issued under deferred and stock compensation arrangements			628,779
Long Term Incentive Plan
Equity Class Of Treasury Stock [Line Items]
Treasury stock purchases, shares			16,688
Common Stock Repurchase Plan
Equity Class Of Treasury Stock [Line Items]
Treasury stock purchases, shares			0
Stock repurchase programs, remaining authorized amount					$ 390,000,000
Stock repurchase programs, authorized amount					$ 500,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	21.80%	21.30%	22.40%	21.40%

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2021Segment
Segment Reporting [Abstract]
Reportable segments	3

Segment Reporting Information b

Segment Reporting Information by Segment (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenues	$ 5,146.8	$ 4,936	$ 16,836.2	$ 13,159.9
Income before income taxes	483.3	489.9	1,727.6	1,136.1
Investment income	1.6	6.4	11.5	30.2
Depreciation and amortization	209.9	266.2	692.3	779.5
Truck, Parts and Other
Segment Reporting Information [Line Items]
Net sales and revenues	4,737.7	4,538.4	15,538.8	12,018.3
Income before income taxes	361.6	428	1,413.1	946.6
Depreciation and amortization	71.6	81.8	228.8	242.6
Truck, Parts and Other | Trucks
Segment Reporting Information [Line Items]
Net sales and revenues	3,452.6	3,504	11,837.8	9,120
Income before income taxes	78.5	210.1	603	347
Depreciation and amortization	63.5	73.3	204.2	218.8
Truck, Parts and Other | Trucks | Operating Segments
Segment Reporting Information [Line Items]
Net sales and revenues	3,555.1	3,675.8	12,249.5	9,469.9
Truck, Parts and Other | Trucks | Intersegment
Segment Reporting Information [Line Items]
Net sales and revenues	(102.5)	(171.8)	(411.7)	(349.9)
Truck, Parts and Other | Parts Subsegment
Segment Reporting Information [Line Items]
Net sales and revenues	1,260.2	1,016.2	3,632.2	2,838.5
Income before income taxes	280.8	210.2	797.7	576.8
Depreciation and amortization	2.8	3	8.6	8
Truck, Parts and Other | Parts Subsegment | Operating Segments
Segment Reporting Information [Line Items]
Net sales and revenues	1,275.2	1,029.4	3,677.8	2,874.7
Truck, Parts and Other | Parts Subsegment | Intersegment
Segment Reporting Information [Line Items]
Net sales and revenues	(15)	(13.2)	(45.6)	(36.2)
Truck, Parts and Other | Other
Segment Reporting Information [Line Items]
Net sales and revenues	24.9	18.2	68.8	59.8
Income before income taxes	2.3	7.7	12.4	22.8
Depreciation and amortization	5.3	5.5	16	15.8
Financial Services
Segment Reporting Information [Line Items]
Revenues	409.1	397.6	1,297.4	1,141.6
Income before income taxes	120.1	55.5	303	159.3
Depreciation and amortization	$ 138.3	$ 184.4	$ 463.5	$ 536.9

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	$ 43.7		$ 43.7		$ 20.5
Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Remaining cumulative basis adjustments on discontinued hedge relationship	(0.2)		$ (0.2)		$ (0.4)
Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Maximum length of future cash flow hedges			6 years 9 months 18 days
Accumulated net loss on derivative contracts included in accumulated other comprehensive loss expected to be recognized in the Consolidated Statements of Comprehensive Income in the following 12 months, net of tax			$ 15.7
Reclassification from AOCI
Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount outstanding	360.7		360.7
Pre-tax (loss) gain recognized in OCI	8.3		17.9
Interest-Rate Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of outstanding contracts	3,681.5		3,681.5
Notional maturities for interest-rate contracts, remainder of 2021	15.4		15.4
Notional maturities for interest-rate contracts 2022	932.9		932.9
Notional maturities for interest-rate contracts 2023	740.9		740.9
Notional maturities for interest-rate contracts 2024	718		718
Notional maturities for interest-rate contracts 2025	628.7		628.7
Notional maturities for interest-rate contracts 2026	264.5		264.5
Notional maturities for interest-rate contracts thereafter	381.1		381.1
Foreign-exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount outstanding	1,793.8		$ 1,793.8
Foreign-exchange contracts maturity period			within one year
Commodity contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional amount outstanding	$ 97.7		$ 97.7
Foreign-exchange contracts maturity period			within one year

Balance Sheet Classifications,

Balance Sheet Classifications, Fair Value, Gross and Pro Forma Net Amounts of Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Derivative assets	$ 43.7	$ 20.5
Pro forma net amount	30.6	6.4
LIABILITIES
Derivative liabilities	71.9	159.9
Pro forma net amount	58.8	145.8
Interest-Rate Contracts | Financial Services
ASSETS
Less amounts not offset in financial instruments	(8.5)	(12)
LIABILITIES
Less amounts not offset in financial instruments	(8.5)	(12)
Foreign-exchange contracts | Financial Services
ASSETS
Less amounts not offset in financial instruments	(0.5)
LIABILITIES
Less amounts not offset in financial instruments	(0.5)
Foreign-exchange contracts | Truck, Parts and Other
ASSETS
Less amounts not offset in financial instruments	(4.1)	(2.1)
LIABILITIES
Less amounts not offset in financial instruments	(4.1)	(2.1)
Designated under hedge accounting
ASSETS
Derivative assets	43.3	19.1
LIABILITIES
Derivative liabilities	70.3	153.2
Designated under hedge accounting | Interest-Rate Contracts | Financial Services | Other Assets
ASSETS
Derivative assets	18.7	16.4
Designated under hedge accounting | Interest-Rate Contracts | Financial Services | Deferred Taxes and Other Liabilities
LIABILITIES
Derivative liabilities	54.3	116.1
Designated under hedge accounting | Foreign-exchange contracts | Financial Services | Other current assets
ASSETS
Derivative assets	1.7
Designated under hedge accounting | Foreign-exchange contracts | Financial Services | Deferred Taxes and Other Liabilities
LIABILITIES
Derivative liabilities	0.5	1.2
Designated under hedge accounting | Foreign-exchange contracts | Truck, Parts and Other | Other current assets
ASSETS
Derivative assets	22.9	2.7
Designated under hedge accounting | Foreign-exchange contracts | Truck, Parts and Other | Accounts payable, accrued expenses and other
LIABILITIES
Derivative liabilities	5.7	35.9
Designated under hedge accounting | Commodity contracts | Truck, Parts and Other | Other current assets
LIABILITIES
Derivative liabilities	9.8
Not designated as hedging instruments
ASSETS
Derivative assets	0.4	1.4
LIABILITIES
Derivative liabilities	1.6	6.7
Not designated as hedging instruments | Foreign-exchange contracts | Financial Services | Other Assets
ASSETS
Derivative assets	0.2	0.3
Not designated as hedging instruments | Foreign-exchange contracts | Financial Services | Deferred Taxes and Other Liabilities
LIABILITIES
Derivative liabilities	0.1	3.4
Not designated as hedging instruments | Foreign-exchange contracts | Truck, Parts and Other | Other current assets
ASSETS
Derivative assets	0.2	1.1
Not designated as hedging instruments | Foreign-exchange contracts | Truck, Parts and Other | Accounts payable, accrued expenses and other
LIABILITIES
Derivative liabilities	$ 1.5	$ 3.3

Amount of Loss (Gain) from Deri

Amount of Loss (Gain) from Derivative Financial Instruments Recorded in Consolidated Statements of Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest-Rate Contracts
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	$ (35.4)	$ 50.7	$ (45.8)	$ 13.9
Interest-Rate Contracts | Financial Services | Interest and other borrowing expenses
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	(35.4)	50.7	(45.8)	13.9
Foreign-exchange contracts
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	13.5	(3.3)	23.9	(52.5)
Foreign-exchange contracts | Truck, Parts and Other
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	13.8	(10.3)	24.6	(50.6)
Foreign-exchange contracts | Truck, Parts and Other | Cost of sales and revenues | Not designated as hedging instruments
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	17.8	(0.8)	8.8	0.4
Foreign-exchange contracts | Truck, Parts and Other | Interest and other (income), net | Not designated as hedging instruments
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	(0.6)		1	(19.3)
Foreign-exchange contracts | Financial Services | Interest and other borrowing expenses
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	(0.3)	7	(0.7)	(1.9)
Foreign-exchange contracts | Financial Services | Interest and other borrowing expenses | Not designated as hedging instruments
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	(0.3)	6.9	(0.7)	(1.9)
Foreign-exchange contracts | Financial Services | Selling, General and Administrative Expenses
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss		0.1
Fair Value Hedging | Interest-Rate Contracts | Financial Services | Interest and other borrowing expenses
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss		0.2	0.1	0.7
Cash Flow Hedging | Interest-Rate Contracts | Financial Services | Interest and other borrowing expenses
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	(35.4)	50.5	(45.9)	13.2
Cash Flow Hedging | Foreign-exchange contracts | Truck, Parts and Other | Net sales and revenues
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	1.3	(10.6)	14.9	(22.2)
Cash Flow Hedging | Foreign-exchange contracts | Truck, Parts and Other | Cost of sales and revenues
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	(3.5)	2.5	2.5	0.2
Cash Flow Hedging | Foreign-exchange contracts | Truck, Parts and Other | Interest and other (income), net
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	(0.5)	(0.4)	(0.2)	(5.2)
Net Investment Hedging | Foreign-exchange contracts | Truck, Parts and Other | Interest and other (income), net
Derivative Instruments Gain Loss [Line Items]
Derivatives designated as hedging instruments (gain) loss	$ (0.7)	$ (1)	$ (2.4)	$ (4.5)

Amounts Related to Cumulative B

Amounts Related to Cumulative Basis Adjustments for Fair Value Hedges (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Carrying amount of the hedged liabilities	$ 561	$ 90.9
Cumulative basis adjustment included in the carrying amount	$ 3.3	$ (0.9)

Pre-Tax Effects of Gain (Loss)

Pre-Tax Effects of Gain (Loss) on Cash Flow Hedges Recognized in OCI (Detail) - Derivative Contracts - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest-Rate Contracts
Derivative [Line Items]
Gain (loss) recognized in OCI	$ 43.4	$ (49.1)	$ 67.1	$ (27.3)
Commodity contracts
Derivative [Line Items]
Gain (loss) recognized in OCI	(9.8)		(9.8)
Foreign-exchange contracts
Derivative [Line Items]
Gain (loss) recognized in OCI	2.9	(10.8)	(9)	42.6
Truck, Parts and Other | Commodity contracts
Derivative [Line Items]
Gain (loss) recognized in OCI	(9.8)		(9.8)
Truck, Parts and Other | Foreign-exchange contracts
Derivative [Line Items]
Gain (loss) recognized in OCI	2.3	(10.8)	(6.7)	42.6
Financial Services | Interest-Rate Contracts
Derivative [Line Items]
Gain (loss) recognized in OCI	43.4	$ (49.1)	67.1	$ (27.3)
Financial Services | Foreign-exchange contracts
Derivative [Line Items]
Gain (loss) recognized in OCI	$ 0.6		$ (2.3)

Financial Assets and Liabilitie

Financial Assets and Liabilities Subject to Recurring Fair Value Measurements (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	$ 43.7	$ 20.5
Derivative liabilities	71.9	159.9
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	1,546.2	1,429
Marketable equity securities, Fair Value	3.2
Total marketable securities	1,549.4
Derivative assets	43.7	20.5
Derivative liabilities	71.9	159.9
Fair Value, Measurements, Recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	86.7	86.5
Marketable equity securities, Fair Value	3.2
Total marketable securities	89.9
Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	1,459.5	1,342.5
Total marketable securities	1,459.5
Derivative assets	43.7	20.5
Derivative liabilities	71.9	159.9
Fair Value, Measurements, Recurring | Cross currency swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	12.7	14.8
Derivative liabilities	31.7	77.6
Fair Value, Measurements, Recurring | Cross currency swaps | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	12.7	14.8
Derivative liabilities	31.7	77.6
Fair Value, Measurements, Recurring | Interest-rate swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	6	1.6
Derivative liabilities	22.6	38.5
Fair Value, Measurements, Recurring | Interest-rate swaps | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	6	1.6
Derivative liabilities	22.6	38.5
Fair Value, Measurements, Recurring | Foreign-exchange contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	25	4.1
Derivative liabilities	7.8	43.8
Fair Value, Measurements, Recurring | Foreign-exchange contracts | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	25	4.1
Derivative liabilities	7.8	43.8
Fair Value, Measurements, Recurring | Commodity contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liabilities	9.8
Fair Value, Measurements, Recurring | Commodity contracts | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative liabilities	9.8
U.S. tax-exempt securities | Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	495.9	392.4
U.S. tax-exempt securities | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	495.9	392.4
U.S. corporate securities | Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	209.5	232.9
U.S. corporate securities | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	209.5	232.9
U.S. government and agency securities | Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	86.7	94.4
U.S. government and agency securities | Fair Value, Measurements, Recurring | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	86.7	86.5
U.S. government and agency securities | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities		7.9
Non-U.S. corporate securities | Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	436.7	411.5
Non-U.S. corporate securities | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	436.7	411.5
Non-U.S. government securities | Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	64	77.5
Non-U.S. government securities | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	64	77.5
Other debt securities | Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	253.4	220.3
Other debt securities | Fair Value, Measurements, Recurring | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable debt securities	$ 253.4	$ 220.3

Carrying Amount and Fair Value

Carrying Amount and Fair Value of Financial Services Fixed-Rate Loans and Fixed-Rate Debt (Detail) - Financial Services - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets, carrying amount
Fixed-rate loans	$ 5,891.2	$ 5,319.2
Liabilities, carrying amount
Fixed-rate debt	6,629.7	6,482
Assets, Fair Value
Fixed-rate loans	5,984.7	5,429.5
Liabilities, Fair Value
Fixed-rate debt	$ 6,716.8	$ 6,648.6

Components of Net Pension Expen

Components of Net Pension Expense (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Defined Benefit Plan Net Periodic Benefit Cost [Abstract]
Service cost	$ 37.6	$ 32.8	$ 113	$ 98
Interest on projected benefit obligation	16.7	20.8	50	62.1
Expected return on assets	(51.1)	(47.6)	(153.4)	(142.3)
Amortization of prior service costs	0.2	0.4	0.6	1.1
Recognized actuarial loss	14.7	11.1	44.2	33.1
Settlement loss		0.5		8.5
Net pension expense	$ 18.1	$ 18	$ 54.4	$ 60.5

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Contribution to pension plans	$ 6.3	$ 86.7	$ 19.2	$ 126.6